| Sales
Price |
119,900
|
|
|
|
|
|
| Tax Rate |
0.0244 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
5% Down |
10% Down |
20% Down |
FHA |
|
|
| Loan Information |
|
|
|
| Principal/Amount Financed |
113,905 |
107,910 |
95,920 |
118,400
|
|
|
| Annual interest |
5.875% |
5.875% |
5.875% |
6.250% |
|
|
| Term (years) |
30 |
30 |
30 |
30 |
|
|
| Periods per year |
12 |
12 |
12 |
12 |
|
|
| No. of payments |
360 |
360 |
360 |
360 |
|
|
|
|
|
|
|
|
|
| Monthly Payment Analysis |
|
|
|
| Principal
Interest Payment |
673.79 |
638.33 |
567.40 |
729.01 |
|
|
| Property tax Payment |
243.98 |
243.98 |
243.98 |
243.98 |
|
|
| Mortgage Insurance Policy |
74.04 |
47.66 |
0.00 |
49.33 |
|
|
| Hazard Insurance |
45.09 |
42.71 |
37.97 |
46.87 |
|
|
| Total Monthly Mortgage
Payment |
1,036.89 |
972.68 |
849.35 |
1,069.18 |
|
|
|
|
|
|
|
|
|
| Income/Debt Analysis |
|
|
|
| Income to
Qualify |
3,703.19 |
3,473.86 |
3,033.39 |
3,686.84 |
|
|
| Max. Monthly Debts |
296.26 |
277.91 |
242.67 |
442.42 |
|
|
| Total Monthly Debt &
Mortgage Pmt |
1,333.15 |
1,250.59 |
1,092.02 |
1,511.60 |
|
|
|
|
|
|
|
|
|
| Closing Cost Analysis |
|
|
|
| Required
Initial Down Payment |
5,995.00 |
11,990.00 |
23,980.00 |
3,250.00 |
|
|
| Approx. Closing Costs |
2,777.05 |
2,717.10 |
2,597.20 |
2,356.50 |
|
|
| Approx. Prepaids |
2,068.89 |
1,980.54 |
1,757.07 |
2,106.87 |
|
|
| Total Dwn Pmt/Closing
Costs |
10,840.94 |
16,687.64 |
28,334.27 |
7,713.37 |
|
|
| Reserves Required |
3,110.68 |
1,945.36 |
1,698.70 |
N/A |
|
|
| Settlement
costs above are an estimate only |
3 mo. |
2 mo. |
2 mo. |
N/A |
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|