Mortgage Affordability Report

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Mortgage Budget Summary

Based on your current monthly income of $4,000.00 (after tax) and your expenses and desired savings, you have $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 $850.00 into financing a mortgage, with your down payment of $350,000.00, 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 $417,000.00 $67,000.00 $710.64 $347.50 $50.00 $27.92 $1,108.14 5% 120 $435,276.67 $18,276.67
10B $417,000.00 $67,000.00 $355.32 $160.38 $23.08 $12.88 $538.78 5% 103 $432,419.95 $15,419.95
15M $437,000.00 $87,000.00 $687.99 $364.17 $50.00 $36.25 $1,102.16 5% 180 $473,838.28 $36,838.28
15B $437,000.00 $87,000.00 $344.00 $168.08 $23.08 $16.73 $535.15 5% 154 $467,914.77 $30,914.77
20M $451,000.00 $101,000.00 $666.56 $375.83 $50.00 $42.08 $1,092.39 5% 240 $509,973.27 $58,973.27
20B $451,000.00 $101,000.00 $333.28 $173.46 $23.08 $19.42 $529.82 5% 205 $500,265.63 $49,265.63
25M $462,000.00 $112,000.00 $654.74 $385.00 $50.00 $46.67 $1,089.74 5% 300 $546,422.25 $84,422.25
25B $462,000.00 $112,000.00 $327.37 $177.69 $23.08 $21.54 $528.14 5% 256 $532,250.28 $70,250.28
30M $470,000.00 $120,000.00 $644.19 $391.67 $50.00 $50.00 $1,085.86 5% 360 $581,906.94 $111,906.94
30B $470,000.00 $120,000.00 $322.10 $180.77 $23.08 $23.08 $525.95 5% 307 $562,812.31 $92,812.31
35M $477,000.00 $127,000.00 $640.95 $397.50 $50.00 $52.92 $1,088.45 5% 420 $619,200.41 $142,200.41
35B $477,000.00 $127,000.00 $320.48 $183.46 $23.08 $24.42 $527.02 5% 358 $594,610.13 $117,610.13
40M $481,000.00 $131,000.00 $631.68 $400.83 $50.00 $54.58 $1,082.51 5% 480 $653,205.22 $172,205.22
40B $481,000.00 $131,000.00 $315.84 $185.00 $23.08 $25.19 $523.92 5% 409 $623,104.25 $142,104.25
45M $485,000.00 $135,000.00 $629.12 $404.17 $50.00 $56.25 $1,083.29 5% 540 $689,724.47 $204,724.47
45B $485,000.00 $135,000.00 $314.56 $186.54 $23.08 $25.96 $524.18 5% 461 $653,636.58 $168,636.58
50M $488,000.00 $138,000.00 $626.71 $406.67 $50.00 $57.50 $1,083.38 5% 600 $726,026.90 $238,026.90
50B $488,000.00 $138,000.00 $313.36 $187.69 $23.08 $26.54 $524.13 5% 512 $683,801.43 $195,801.43

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