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|
 How
Much Home Can You Afford?
| |
Example* |
Your Family |
| 1. Gross Annual income (before taxes) |
$ 48,000 |
$ |
2. Gross Monthly Income
Line 1 divided by 12 months. |
$ 4,000 |
$ |
|
3. Monthly Allowable Housing Expense and Long-Term
Obligations
Line 2 multiplied by .38
**(38% of gross monthly income is usually
allocated for
principal, interest, taxes, insurance and monthly
long-term
obligations.)
|
$ 1,520 |
$ |
4. Monthly Allowable Housing Expense
Line 3 minus your monthly obligations*
- credit cards,
child support, car loan, etc.
(Remainder is allowable principal,
interest, taxes and
insurance payment.) NOTE: Monthly
Allowable Housing
Expense on line 4 should not exceed
33%** of line2. If it
does, enter the lesser amount of the
two on line 4 and
continue. |
$
400
$ 1,120 |
$
$ |
5. Monthly principal and Interest Payment
Line 4 multiplied by .80
(80% is the amount of the monthly
allowable housing
expense usually allocated to only
the principal and interest
payment, excluding taxes and
insurance. |
$
896 |
$ |
6. Estimated Mortgage Amount
Line 5 divided by 7.34 multiplied by
$1,000
(7.34 is the factor for a 8% loan
amortized over a 30-year
term. Factors for other interest rates
and terms are listed
in the Interest Rate Factor Chart
below.) |
$122,070 |
$ |
7. Estimated Affordable Price***
Line 6 divided by .80
80% is the mortgage loan amount,
assuming a 20% down
payment. Use .90 for a 10% down
payment. |
$152,600 |
$ |
|
This material is intended for example purposes
only and is not a commitment for financing. This worksheet
is intended for use on primary residences. Your rate and
affordable price will vary, depending on the size of your down
payment, specific terms of your loan, or other monthly
obligations and the amount of assessment fees, if applicable.
*The
example column is based upon a customer(s) with a gross annual
income of $48,000 and monthly long-term obligations of $400, an
interest rate of 8%, a mortgage amount of $122,000 and an Annual
Percentage Rate of 8.125%.
**These
are standard industry guidelines; however, there are a variety
of other mortgage products with flexible options.
***Rounded
to the nearest $100. |
Please contact John for assistance with this
worksheet:
John@JohnMcClave.com
mobile - 704-560-9636
(** To
print this page, use the print function of your
browser **)
| Interest
Rate Factor Chart - Factors
Per $1,000 |
| Interest Rate |
Term 15 Years |
Term 30 Years |
Interest Rate |
Term 15 Years |
Term 30 Years |
| 4 |
7.40 |
4.77 |
8 |
9.56 |
7.34 |
| 4 1/8 |
7.46 |
4.85 |
8 1/8 |
9.63 |
7.42 |
| 4 1/4 |
7.52t |
4.92 |
8 1/4 |
9.70 |
7.51 |
| 4 3/8 |
7.59 |
4.99 |
8 3/8 |
9.77 |
7.60 |
| 4 1/2 |
7.65 |
5.07 |
8 1/28 |
9.85 |
7.69 |
| 4 5/8 |
7.71 |
5.14 |
8 5/8 |
9.92 |
7.78 |
| 4 3/4 |
7.78 |
5.22 |
8 3/4 |
9.99 |
7.87 |
| 4 7/8 |
7.84 |
5.29 |
8 7/8 |
10.07 |
7.96 |
| 5 |
7.91 |
5.37 |
9 |
10.14 |
8.05 |
| 5 1/8 |
7.97 |
5.44 |
9 1/8 |
10.22 |
8.14 |
| 5 1/4 |
8.04 |
5.52 |
9 1/4 |
10.29 |
8.23 |
| 5 3/8 |
8.10 |
5.60 |
9 3/8 |
10.37 |
8.32 |
| 5 1/2 |
8.17 |
5.68 |
9 1/2 |
10.44 |
8.41 |
| 5 5/8 |
8.24 |
5.76 |
9 5/8 |
10.52 |
8.50 |
| 5 3/4 |
8.30 |
5.84 |
9 3/4 |
10.59 |
8.59 |
| 5 7/8 |
8.37 |
5.92 |
9 7/8 |
10.67 |
8.68 |
| 6 |
8.44 |
6.00 |
10 |
10.75 |
8.77 |
| 6 1/8 |
8.51 |
6.08 |
10 1/8 |
10.82 |
8.87 |
| 6 1/4 |
8.57 |
6.16 |
10 1/4 |
10.90 |
8.960 |
| 6 3/8 |
8.64 |
6.24 |
10 3/8 |
10.98 |
9.05 |
| 6 1/2 |
8.71 |
6.32 |
10 1/2 |
11.05 |
9.15 |
| 6 5/8 |
8.78 |
6.40 |
10 5/8 |
11.13 |
9.24 |
| 6 3/4 |
8.85 |
6.48 |
10 3/4 |
11.21 |
9.33 |
| 6 7/8 |
8.92 |
6.57 |
10 7/8 |
11.29 |
9.43 |
| 7 |
8.99 |
6.65 |
11 |
11.36 |
9.52 |
| 7 1/8 |
9.06 |
6.74 |
11 1/8 |
11.44 |
9.62 |
| 7 1/4 |
9.13 |
6.82 |
11 1/4 |
11.52 |
9.71 |
| 7 3/8 |
9.20 |
6.91 |
11 3/8 |
11.60 |
9.81 |
| 7 1/2 |
9.27 |
6.99 |
11 1/2 |
11.68 |
9.90 |
| 7 5/8 |
9.34 |
7.08 |
11 5/8 |
11.76 |
10.00 |
| 7 3/4 |
9.41 |
7.16 |
11 3/4 |
11.84 |
10.09 |
| 7 7/8 |
9.48 |
7.25 |
11 7/8 |
11.92 |
10.19 |
| This chart will help you calculate your monthly
principal and interest payments for both fixed and adjustable
rate loans at various interest rates over 15 and 30-year terms.
Start by finding the appropriate interest
rate, then look across to the column indicating the desired term
of the loan. That number is the interest rate factor. This is
the dollar amount required each month to amortize $1,000 over
the specified term. To calculate your principal and interest
payment, multiply the interest rate factor by the total loan
amount in $1,000s.
Here's an example:
Interest
Rate:
Term:
Factors per $1,000
Total mortgage: |
8%
30 Years
7.34
$152,600 |
This is a calculation of principal and
interest only. It does not include property taxes,
insurance, association dues, or other charges.
|
Coldwell Banker, United,
Realtors®, 7907 Providence Road, Suite 200, Charlotte, NC 28277
|
