Mortgage Affordability Report
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Based on your current monthly income of $3,500.00 (after tax) and your expenses and desired savings, you have $2,400.00 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 $2,400.00 into financing a mortgage, with your down payment of $100,000.00, 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 |
$298,000.00 |
$198,000.00 |
$2,100.10 |
$248.33 |
$50.00 |
$82.50 |
$2,398.43 |
5% |
120 |
$352,011.66 |
$54,011.66 |
|
10B |
$298,000.00 |
$198,000.00 |
$1,050.05 |
$114.62 |
$23.08 |
$38.08 |
$1,187.74 |
5% |
103 |
$343,569.40 |
$45,569.40 |
|
15M |
$356,000.00 |
$256,000.00 |
$2,024.43 |
$296.67 |
$50.00 |
$106.67 |
$2,371.10 |
5% |
180 |
$464,397.70 |
$108,397.70 |
|
15B |
$356,000.00 |
$256,000.00 |
$1,012.22 |
$136.92 |
$23.08 |
$49.23 |
$1,172.22 |
5% |
154 |
$446,967.61 |
$90,967.61 |
|
20M |
$399,000.00 |
$299,000.00 |
$1,973.27 |
$332.50 |
$50.00 |
$124.58 |
$2,355.77 |
5% |
240 |
$573,584.24 |
$174,584.24 |
|
20B |
$399,000.00 |
$299,000.00 |
$986.64 |
$153.46 |
$23.08 |
$57.50 |
$1,163.18 |
5% |
205 |
$544,845.78 |
$145,845.78 |
|
25M |
$431,000.00 |
$331,000.00 |
$1,934.99 |
$359.17 |
$50.00 |
$137.92 |
$2,344.16 |
5% |
300 |
$680,497.91 |
$249,497.91 |
|
25B |
$431,000.00 |
$331,000.00 |
$967.50 |
$165.77 |
$23.08 |
$63.65 |
$1,156.35 |
5% |
256 |
$638,614.65 |
$207,614.65 |
|
30M |
$455,000.00 |
$355,000.00 |
$1,905.72 |
$379.17 |
$50.00 |
$147.92 |
$2,334.89 |
5% |
360 |
$786,058.03 |
$331,058.03 |
|
30B |
$455,000.00 |
$355,000.00 |
$952.86 |
$175.00 |
$23.08 |
$68.27 |
$1,150.94 |
5% |
307 |
$729,569.74 |
$274,569.74 |
|
35M |
$473,000.00 |
$373,000.00 |
$1,882.49 |
$394.17 |
$50.00 |
$155.42 |
$2,326.66 |
5% |
420 |
$890,643.71 |
$417,643.71 |
|
35B |
$473,000.00 |
$373,000.00 |
$941.25 |
$181.92 |
$23.08 |
$71.73 |
$1,146.25 |
5% |
358 |
$818,421.87 |
$345,421.87 |
|
40M |
$487,000.00 |
$387,000.00 |
$1,866.10 |
$405.83 |
$50.00 |
$161.25 |
$2,321.93 |
5% |
480 |
$995,728.41 |
$508,728.41 |
|
40B |
$487,000.00 |
$387,000.00 |
$933.05 |
$187.31 |
$23.08 |
$74.42 |
$1,143.43 |
5% |
409 |
$906,804.15 |
$419,804.15 |
|
45M |
$497,000.00 |
$397,000.00 |
$1,850.08 |
$414.17 |
$50.00 |
$165.42 |
$2,314.25 |
5% |
540 |
$1,099,041.58 |
$602,041.58 |
|
45B |
$497,000.00 |
$397,000.00 |
$925.04 |
$191.15 |
$23.08 |
$76.35 |
$1,139.27 |
5% |
461 |
$992,916.47 |
$495,916.47 |
|
50M |
$505,000.00 |
$405,000.00 |
$1,839.26 |
$420.83 |
$50.00 |
$168.75 |
$2,310.09 ~ $2,478.84 |
5% |
600 |
$1,203,557.21 |
$698,557.21 |
|
50B |
$505,000.00 |
$405,000.00 |
$919.63 |
$194.23 |
$23.08 |
$77.88 |
$1,136.94 ~ $1,214.82 |
5% |
512 |
$1,079,634.62 |
$574,634.62 |
|
- 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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