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To calculate the mortgage amount for which you qualify:
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Add monthly principal and interest payment from chart below: _________
-
Add monthly real estate tax: _________
-
Add monthly insurance payment: _________
TOTAL BASIC MONTHLY HOUSING COST _________
The total basic monthly housing cost is normally based on 25%
to 28% of the gross monthly income depending on leading
institutions and types of financing. From chart below. _________
With debt service, the ratio becomes 33% to 36%. From chart. _________
Gross
Yearly
Income |
25% of
Gross
Monthly
Income |
28% of
Gross
Monthly
Income |
33% of
Gross
Monthly
Income |
36% of
Gross
Monthly
Income |
| $15,000. |
$313. |
$350. |
$413. |
$450. |
| $20,000. |
$417. |
$467. |
$550. |
$600. |
| $25,000. |
$521. |
$583. |
$688. |
$750. |
| $30,000. |
$625. |
$700. |
$825. |
$900. |
| $35,000. |
$729. |
$817. |
$963. |
$1,050. |
| $40,000. |
$833. |
$933. |
$1,100. |
$1,200. |
| $45,000. |
$938. |
$1,050. |
$1,238. |
$1,350. |
| $50,000. |
$1,042. |
$1,167. |
$1,375. |
$1,500. |
| $55,000. |
$1,146. |
$1,283. |
$1,513. |
$1,650. |
| $60,000. |
$1,250. |
$1,400. |
$1,650. |
$1,800. |
| $65,000. |
$1,354. |
$1,516. |
$1,788. |
$1,950. |
| $70,000. |
$1,458. |
$1,633. |
$1,925. |
$2,100. |
| $75,000. |
$1,563. |
$1,750. |
$2,062. |
$2,250. |
| $80,000. |
$1,667. |
$1,867. |
$2,200. |
$2,400. |
| $85,000. |
$1,772. |
$1,983. |
$2,338. |
$2,550. |
| $90,000. |
$1,875. |
$2,100. |
$2,475. |
$2,700. |
| $95,000. |
$1,979. |
$2,217. |
$2,613. |
$2,850. |
| $100,000. |
$2,083. |
$2,333. |
$2,750. |
$3,000. |
MONTHLY PAYMENTS OF PRINCIPAL AND INTEREST
MORTGAGE AMOUNT (based on 30 year term)
INTEREST
RATE |
MONTHLY
COST
(per thousand) |
| 15% |
$12.65 |
| 14.5% |
12.25 |
| 14% |
11.85 |
| 13.5% |
11.46 |
| 13% |
11.07 |
| 12.5% |
10.68 |
| 12% |
10.29 |
| 11.5% |
9.91 |
| 11% |
9.53 |
| 10.75% |
9.43 |
| 10.5% |
9.15 |
| 10.25% |
8.97 |
| 10% |
8.78 |
| 9.75% |
8.60 |
| 9.5% |
8.41 |
| 9.25% |
8.23 |
| 9% |
8.05 |
| 8.75% |
7.87 |
| 8.5% |
7.69 |
| 8.25% |
7.52 |
| 8% |
7.34 |
| 7.75% |
7.17 |
| 7.5% |
7.00 |
| 7.25% |
6.83 |
| 7% |
6.66 |
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THE REAL COSTS
OF BUYING A HOME
In addition to the 20% down payment for a $55,000 house, you should expect to pay another $2,995 or so for various closing costs.
CLOSING COSTS
20% Down Payment $11,000
Two Points 880
Six Month's Property Tax 500
Transfer Tax Fee 550
Recording Fees 30
Mortgage Application Fee 100
Homeowner's Insurance 200
Appraisal 175
Title Insurance & Attorney Fees 525
Credit Report 35
Subtotal $13,995
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