Mortgage Affordability Report

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Mortgage Budget Summary

Based on your current monthly income of $5,000.00 (after tax) and your expenses and desired savings, you have $1,850.00 remaining budget per month to be invested into mortgage. Consult with a Mortgage Specialist

Down Payment $
Estimated Interest Rate %
Estimated Property Tax %
Estimated PMI %
Estimated Insurance /mo $
Monthly Salary after tax $
Food Expense /mo $
Transportation Expense $
Entertainment Expense /mo $
Education Expense /mo $
Healthcare Expense /mo $
Technology Expense /mo $
Other Expense /mo $
Savings /mo $

Affordable Mortgage Comparison

If you spend the all of the remaining budget of $1,850.00 into financing a mortgage, with your down payment of $10,000.00, you will be able to afford the homes and mortgages below on different loan terms: Consult with a Mortgage Specialist

Term Home Value Mortgage Loan Tax Ins. PMI Total IR MLM Investment Interest AC
10M $161,000.00 $151,000.00 $1,601.59 $134.17 $50.00 $62.92 $1,785.76 ~ $1,848.67 5% 120 $202,190.71 $41,190.71
10B $161,000.00 $151,000.00 $800.80 $61.92 $23.08 $29.04 $885.80 ~ $914.84 5% 103 $195,752.42 $34,752.42
15M $206,000.00 $196,000.00 $1,549.96 $171.67 $50.00 $81.67 $1,771.63 ~ $1,853.29 5% 180 $288,991.99 $82,991.99
15B $206,000.00 $196,000.00 $774.98 $79.23 $23.08 $37.69 $877.29 ~ $914.98 5% 154 $275,647.08 $69,647.08
20M $239,000.00 $229,000.00 $1,511.30 $199.17 $50.00 $95.42 $1,760.47 ~ $1,855.88 5% 240 $372,711.67 $133,711.67
20B $239,000.00 $229,000.00 $755.65 $91.92 $23.08 $44.04 $870.65 ~ $914.69 5% 205 $350,701.28 $111,701.28
25M $263,000.00 $253,000.00 $1,479.01 $219.17 $50.00 $105.42 $1,748.18 ~ $1,853.59 5% 300 $453,703.84 $190,703.84
25B $263,000.00 $253,000.00 $739.51 $101.15 $23.08 $48.65 $863.74 ~ $912.39 5% 256 $421,690.35 $158,690.35
30M $281,000.00 $271,000.00 $1,454.79 $234.17 $50.00 $112.92 $1,738.96 ~ $1,851.87 5% 360 $533,723.18 $252,723.18
30B $281,000.00 $271,000.00 $727.40 $108.08 $23.08 $52.12 $858.55 ~ $910.67 5% 307 $490,601.13 $209,601.13
35M $295,000.00 $285,000.00 $1,438.36 $245.83 $50.00 $118.75 $1,734.19 ~ $1,852.94 5% 420 $614,111.15 $319,111.15
35B $295,000.00 $285,000.00 $719.18 $113.46 $23.08 $54.81 $855.72 ~ $910.53 5% 358 $558,928.24 $263,928.24
40M $306,000.00 $296,000.00 $1,427.30 $255.00 $50.00 $123.33 $1,732.30 ~ $1,855.63 5% 480 $695,104.93 $389,104.93
40B $306,000.00 $296,000.00 $713.65 $117.69 $23.08 $56.92 $854.42 ~ $911.34 5% 409 $627,090.51 $321,090.51
45M $314,000.00 $304,000.00 $1,416.68 $261.67 $50.00 $126.67 $1,728.35 ~ $1,855.01 5% 540 $775,009.17 $461,009.17
45B $314,000.00 $304,000.00 $708.34 $120.77 $23.08 $58.46 $852.19 ~ $910.65 5% 461 $693,744.60 $379,744.60
50M $320,000.00 $310,000.00 $1,407.83 $266.67 $50.00 $129.17 $1,724.50 ~ $1,853.66 5% 600 $854,698.11 $534,698.11
50B $320,000.00 $310,000.00 $703.92 $123.08 $23.08 $59.62 $850.07 ~ $909.69 5% 512 $759,843.78 $439,843.78

Report Legend

  • Term - Length of mortgage in years and different payment methods. (M = monthly, B = bi-weekly)
  • Home Value - Value of the home at purchase. (mortgage loan amount + downpayment)
  • Mortgage - Total amount borrowed (mortgage) from your financial institute.
  • Loan - Loan pay back amount per payment.
  • Tax - Property tax amount per payment.
  • Ins. - Property insurance amount per payment.
  • PMI - PMI amount per payment as long as the remaining mortgage is greater or equal to 80% of the property value.
  • Total - Total amount per payment you need to pay to finance your home.
  • IR - Interest rate of mortgage.
  • MLM - "Mortgage Length in Month". Actual length of mortgage in months.
  • Investment - Sum of down payment, loan Amount, and interest paid for the mortgage period. This value does not include the total PMI, insurance, and property tax paid.
  • Interest - Total amount of interest paid in owning the property.
  • AC - Amortization Chart (also known as Amortization Schedule or Amortization Table)
Down Payment $
Estimated Interest Rate %
Estimated Property Tax %
Estimated PMI %
Estimated Insurance /mo $
Monthly Salary after tax $
Food Expense /mo $
Transportation Expense $
Entertainment Expense /mo $
Education Expense /mo $
Healthcare Expense /mo $
Technology Expense /mo $
Other Expense /mo $
Savings /mo $

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Consult with a Mortgage Specialist