| |
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An
example of how we can qualify you, save your time and ours, and
potentially save you $$$$. |
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|
|
Qualification + Closing
costs |
|
Mr. and Mrs. Buyer |
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|
|
|
|
Annual Income |
|
|
|
Salary |
|
$100,000.00
|
|
Other income |
|
$- |
|
Total Annual
Income |
|
$100,000.00
|
|
Total debt service
should not exceed 36% |
|
$36,000.00
|
|
Existing non housing
monthly debt |
|
$- |
|
|
|
|
|
Total Annual allowed PITI =
28% |
28% |
$28,000.00
|
|
Annual
Property taxes - EST |
|
$6,000.00
|
|
Annual
Homeowners Insurance - EST |
|
$1,200.00
|
|
Annual
Remaining for Mortgage Payment |
|
$20,800.00
|
|
Monthly Total
Housing Debt Total PITI |
|
$2,333.33
|
|
Monthly Amount
Remaining for Mortgage |
|
$1,733.33
|
|
|
|
|
|
1st Mortgage Interest
rate |
6.125 |
|
|
Mortgage Amount Monthly
per K |
$6.08 |
$285,087.72
|
|
Down payment |
|
$25,000.00
|
|
Suggested Purchase
Price |
|
$310,087.72
|
|
CLOSING
COSTS - Some of these costs are real closing costs and other are
paid at the closing but are really part of paying monthly carrying
cost up front i.e. prepaid interest/homeowner's/utility
adjustments and some will come back to you i.e. Tax adjustments |
|
|
|
Loan origination fee/s
- discounted points |
2 |
$5,701.75 |
|
Application fee |
|
$250 |
|
Appraisal fee |
|
$300 |
|
Property tax adjustment |
|
$2,800 |
|
Pre paid interest |
|
$1450 |
|
Inspection fee/s |
|
$700 |
|
Title Insurance |
|
$550 |
|
Homeowner's insurance |
|
$600 |
|
Attorney's fee |
|
$480 |
|
Utility adjustments
|
|
$250 |
|
EST. TOTAL
CLOSING COSTS |
|
$13,081.75 |
|
|
|
|
|
Interest Tax Deduction |
|
Monthly |
|
Interest
|
6.125 |
$1,455.14
|
|
Property
Taxes |
|
$500.00
|
|
Total
Deduction |
|
$1,955.14
|
|
Income Tax
Rate |
0.3 |
|
|
IncomeTax Break |
|
$586.54
|
|
Principal
Reduction of Mortgage |
|
$278.20
|
|
|
|
|
|
Net Payment Total
checkbook minus |
deductions |
$1,468.59
|
|
