Mortgage Affordability Report
Based on your current monthly income of $5,700.00 (after tax) and your expenses and desired savings, you have $2,000.00 remaining budget per month to be invested into mortgage.
If you spend the all of the remaining budget of $2,000.00 into financing a mortgage, with your down payment of $65,000.00, you will be able to afford the homes and mortgages below on different loan terms:
- 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)