Mortgage Affordability Report
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Based on your current monthly income of $4,100.00 (after tax) and your expenses and desired savings, you have $1,810.00 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 $1,810.00 into financing a mortgage, with your down payment of $25,000.00, 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 |
$173,000.00 |
$148,000.00 |
$1,569.77 |
$144.17 |
$50.00 |
$61.67 |
$1,763.94 ~ $1,825.60 |
5% |
120 |
$213,372.36 |
$40,372.36 |
|
10B |
$173,000.00 |
$148,000.00 |
$784.89 |
$66.54 |
$23.08 |
$28.46 |
$874.51 ~ $902.97 |
5% |
103 |
$207,061.97 |
$34,061.97 |
|
15M |
$217,000.00 |
$192,000.00 |
$1,518.32 |
$180.83 |
$50.00 |
$80.00 |
$1,749.15 ~ $1,829.15 |
5% |
180 |
$298,298.28 |
$81,298.28 |
|
15B |
$217,000.00 |
$192,000.00 |
$759.16 |
$83.46 |
$23.08 |
$36.92 |
$865.70 ~ $902.62 |
5% |
154 |
$285,225.71 |
$68,225.71 |
|
20M |
$249,000.00 |
$224,000.00 |
$1,478.30 |
$207.50 |
$50.00 |
$93.33 |
$1,735.80 ~ $1,829.13 |
5% |
240 |
$379,792.21 |
$130,792.21 |
|
20B |
$249,000.00 |
$224,000.00 |
$739.15 |
$95.77 |
$23.08 |
$43.08 |
$858.00 ~ $901.07 |
5% |
205 |
$358,262.39 |
$109,262.39 |
|
25M |
$273,000.00 |
$248,000.00 |
$1,449.78 |
$227.50 |
$50.00 |
$103.33 |
$1,727.28 ~ $1,830.61 |
5% |
300 |
$459,934.99 |
$186,934.99 |
|
25B |
$273,000.00 |
$248,000.00 |
$724.89 |
$105.00 |
$23.08 |
$47.69 |
$852.97 ~ $900.66 |
5% |
256 |
$428,554.18 |
$155,554.18 |
|
30M |
$290,000.00 |
$265,000.00 |
$1,422.58 |
$241.67 |
$50.00 |
$110.42 |
$1,714.25 ~ $1,824.66 |
5% |
360 |
$537,127.83 |
$247,127.83 |
|
30B |
$290,000.00 |
$265,000.00 |
$711.29 |
$111.54 |
$23.08 |
$50.96 |
$845.91 ~ $896.87 |
5% |
307 |
$494,960.51 |
$204,960.51 |
|
35M |
$304,000.00 |
$279,000.00 |
$1,408.08 |
$253.33 |
$50.00 |
$116.25 |
$1,711.41 ~ $1,827.66 |
5% |
420 |
$616,393.02 |
$312,393.02 |
|
35B |
$304,000.00 |
$279,000.00 |
$704.04 |
$116.92 |
$23.08 |
$53.65 |
$844.04 ~ $897.69 |
5% |
358 |
$562,371.85 |
$258,371.85 |
|
40M |
$314,000.00 |
$289,000.00 |
$1,393.55 |
$261.67 |
$50.00 |
$120.42 |
$1,705.22 ~ $1,825.63 |
5% |
480 |
$693,903.12 |
$379,903.12 |
|
40B |
$314,000.00 |
$289,000.00 |
$696.78 |
$120.77 |
$23.08 |
$55.58 |
$840.63 ~ $896.20 |
5% |
409 |
$627,497.15 |
$313,497.15 |
|
45M |
$322,000.00 |
$297,000.00 |
$1,384.06 |
$268.33 |
$50.00 |
$123.75 |
$1,702.39 ~ $1,826.14 |
5% |
540 |
$772,393.83 |
$450,393.83 |
|
45B |
$322,000.00 |
$297,000.00 |
$692.03 |
$123.85 |
$23.08 |
$57.12 |
$838.95 ~ $896.07 |
5% |
461 |
$693,000.48 |
$371,000.48 |
|
50M |
$328,000.00 |
$303,000.00 |
$1,376.04 |
$273.33 |
$50.00 |
$126.25 |
$1,699.37 ~ $1,825.62 |
5% |
600 |
$850,624.28 |
$522,624.28 |
|
50B |
$328,000.00 |
$303,000.00 |
$688.02 |
$126.15 |
$23.08 |
$58.27 |
$837.25 ~ $895.52 |
5% |
512 |
$757,911.83 |
$429,911.83 |
|
- 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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