| Sales
Price |
138,500
|
|
|
|
|
|
| Tax Rate |
0.0323 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
5% Down |
10% Down |
20% Down |
FHA |
|
|
| Loan Information |
|
|
|
| Principal/Amount Financed |
131,575 |
124,650 |
110,800 |
133,117
|
|
|
| Annual interest |
5.750% |
5.750% |
5.750% |
6.500% |
|
|
| 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 |
767.84 |
727.42 |
646.60 |
841.39 |
|
|
| Property tax Payment |
372.80 |
372.80 |
372.80 |
372.80 |
|
|
| Mortgage Insurance Policy |
85.52 |
55.05 |
0.00 |
55.47 |
|
|
| Hazard Insurance |
52.08 |
49.34 |
43.86 |
52.69 |
|
|
| Total Monthly Mortgage
Payment |
1,278.24 |
1,204.61 |
1,063.25 |
1,322.35 |
|
|
|
|
|
|
|
|
|
| Income/Debt Analysis |
|
|
|
| Income to
Qualify |
4,565.13 |
4,302.19 |
3,797.33 |
4,559.81 |
|
|
| Max. Monthly Debts |
365.21 |
344.18 |
303.79 |
547.18 |
|
|
| Total Monthly Debt &
Mortgage Pmt |
1,643.45 |
1,548.79 |
1,367.04 |
1,869.52 |
|
|
|
|
|
|
|
|
|
| Closing Cost Analysis |
|
|
|
| Required
Initial Down Payment |
6,925.00 |
13,850.00 |
27,700.00 |
3,850.00 |
|
|
| Approx. Closing Costs |
2,953.75 |
2,884.50 |
2,746.00 |
2,501.50 |
|
|
| Approx. Prepaids |
2,649.04 |
2,547.71 |
2,291.02 |
2,465.31 |
|
|
| Total Dwn Pmt/Closing
Costs |
12,527.79 |
19,282.21 |
32,737.02 |
8,816.81 |
|
|
| Reserves Required |
3,834.71 |
2,409.23 |
2,126.51 |
N/A |
|
|
| Settlement
costs above are an estimate only |
3 mo. |
2 mo. |
2 mo. |
N/A |
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|