Mortgage Affordability Report
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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
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 |
|
- 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)
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