| Sales
Price |
249,900
|
|
|
|
|
|
| Tax Rate |
0.0289 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
5% Down |
10% Down |
20% Down |
FHA |
|
|
| Loan Information |
|
|
|
| Principal/Amount Financed |
237,405 |
224,910 |
199,920 |
118,400
|
|
|
| Annual interest |
5.750% |
5.750% |
5.750% |
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 |
1,385.43 |
1,312.51 |
1,166.68 |
729.01 |
|
|
| Property tax Payment |
601.84 |
601.84 |
601.84 |
601.84 |
|
|
| Mortgage Insurance Policy |
154.31 |
99.34 |
0.00 |
49.33 |
|
|
| Hazard Insurance |
93.97 |
89.03 |
79.14 |
46.87 |
|
|
| Total Monthly Mortgage
Payment |
2,235.56 |
2,102.72 |
1,847.66 |
1,427.05 |
|
|
|
|
|
|
|
|
|
| Income/Debt Analysis |
|
|
|
| Income to
Qualify |
7,984.14 |
7,509.71 |
6,598.77 |
4,920.86 |
|
|
| Max. Monthly Debts |
638.73 |
600.78 |
527.90 |
590.50 |
|
|
| Total Monthly Debt &
Mortgage Pmt |
2,874.29 |
2,703.50 |
2,375.56 |
2,017.55 |
|
|
|
|
|
|
|
|
|
| Closing Cost Analysis |
|
|
|
| Required
Initial Down Payment |
12,495.00 |
24,990.00 |
49,980.00 |
3,250.00 |
|
|
| Approx. Closing Costs |
4,012.05 |
3,887.10 |
3,637.20 |
2,356.50 |
|
|
| Approx. Prepaids |
4,567.34 |
4,384.50 |
3,921.35 |
2,106.87 |
|
|
| Total Dwn Pmt/Closing
Costs |
21,074.39 |
33,261.60 |
57,538.55 |
7,713.37 |
|
|
| Reserves Required |
6,706.68 |
4,205.44 |
3,695.31 |
N/A |
|
|
| Settlement
costs above are an estimate only |
3 mo. |
2 mo. |
2 mo. |
N/A |
|
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|
|
|
|
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|
|