Mortgage Affordability Report
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Mortgage Budget Summary
Based on your current monthly income of $8,000.00 (after tax) and your expenses and desired savings, you have $4,650.00 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 $4,650.00 into financing a mortgage, with your down payment of $5,000.00, 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 | $392,000.00 | $387,000.00 | $4,104.74 | $326.67 | $50.00 | $161.25 | $4,481.41 ~ $4,642.66 | 5% | 120 | $497,568.25 | $105,568.25 |  |
| 10B | $392,000.00 | $387,000.00 | $2,052.37 | $150.77 | $23.08 | $74.42 | $2,226.22 ~ $2,300.64 | 5% | 103 | $481,067.45 | $89,067.45 | |
| 15M | $507,000.00 | $502,000.00 | $3,969.78 | $422.50 | $50.00 | $209.17 | $4,442.28 ~ $4,651.45 | 5% | 180 | $719,561.12 | $212,561.12 | |
| 15B | $507,000.00 | $502,000.00 | $1,984.89 | $195.00 | $23.08 | $96.54 | $2,202.97 ~ $2,299.51 | 5% | 154 | $685,381.80 | $178,381.80 | |
| 20M | $591,000.00 | $586,000.00 | $3,867.34 | $492.50 | $50.00 | $244.17 | $4,409.84 ~ $4,654.01 | 5% | 240 | $933,161.75 | $342,161.75 | |
| 20B | $591,000.00 | $586,000.00 | $1,933.67 | $227.31 | $23.08 | $112.69 | $2,184.05 ~ $2,296.75 | 5% | 205 | $876,838.22 | $285,838.22 | |
| 25M | $653,000.00 | $648,000.00 | $3,788.14 | $544.17 | $50.00 | $270.00 | $4,382.31 ~ $4,652.31 | 5% | 300 | $1,141,443.04 | $488,443.04 | |
| 25B | $653,000.00 | $648,000.00 | $1,894.07 | $251.15 | $23.08 | $124.62 | $2,168.30 ~ $2,292.92 | 5% | 256 | $1,059,448.02 | $406,448.02 | |
| 30M | $700,000.00 | $695,000.00 | $3,730.91 | $583.33 | $50.00 | $289.58 | $4,364.24 ~ $4,653.83 | 5% | 360 | $1,348,127.70 | $648,127.70 | |
| 30B | $700,000.00 | $695,000.00 | $1,865.46 | $269.23 | $23.08 | $133.65 | $2,157.77 ~ $2,291.42 | 5% | 307 | $1,237,537.95 | $537,537.95 | |
| 35M | $735,000.00 | $730,000.00 | $3,684.22 | $612.50 | $50.00 | $304.17 | $4,346.72 ~ $4,650.89 | 5% | 420 | $1,552,372.41 | $817,372.41 | |
| 35B | $735,000.00 | $730,000.00 | $1,842.11 | $282.69 | $23.08 | $140.38 | $2,147.88 ~ $2,288.26 | 5% | 358 | $1,411,026.71 | $676,026.71 | |
| 40M | $762,000.00 | $757,000.00 | $3,650.23 | $635.00 | $50.00 | $315.42 | $4,335.23 ~ $4,650.65 | 5% | 480 | $1,757,109.57 | $995,109.57 | |
| 40B | $762,000.00 | $757,000.00 | $1,825.12 | $293.08 | $23.08 | $145.58 | $2,141.27 ~ $2,286.85 | 5% | 409 | $1,583,167.29 | $821,167.29 | |
| 45M | $783,000.00 | $778,000.00 | $3,625.59 | $652.50 | $50.00 | $324.17 | $4,328.09 ~ $4,652.26 | 5% | 540 | $1,962,819.52 | $1,179,819.52 | |
| 45B | $783,000.00 | $778,000.00 | $1,812.80 | $301.15 | $23.08 | $149.62 | $2,137.03 ~ $2,286.65 | 5% | 461 | $1,754,846.38 | $971,846.38 | |
| 50M | $799,000.00 | $794,000.00 | $3,605.86 | $665.83 | $50.00 | $330.83 | $4,321.69 ~ $4,652.53 | 5% | 600 | $2,168,517.10 | $1,369,517.10 | |
| 50B | $799,000.00 | $794,000.00 | $1,802.93 | $307.31 | $23.08 | $152.69 | $2,133.31 ~ $2,286.01 | 5% | 512 | $1,925,567.63 | $1,126,567.63 |
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)
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