What Can You
Afford to Buy?
|
20% down |
|
Monthly
Income |
Monthly
Loan Payment |
Taxes,
Insurance, and PMI |
Total
Monthly Payment |
Down
Payment |
Loan
Amount |
Price of
Home |
| $4,000 |
$1,164 |
$264 |
$1,428 |
$43,750 |
$175,000 |
$218,750 |
| 5,000 |
1,331 |
302 |
1,633 |
50,000 |
200,000 |
250,000 |
| 5,500 |
1,497 |
340 |
1,837 |
56,250 |
225,000 |
281,250 |
| 6,000 |
1,678 |
348 |
2,026 |
60,000 |
240,000 |
300,000 |
| 6,500 |
1,748 |
378 |
2,126 |
62,500 |
250,000 |
312,500 |
| 7,000 |
1,957 |
400 |
2,357 |
70,000 |
280,000 |
350,000 |
| 7,500 |
2,098 |
453 |
2,551 |
75,000 |
300,000 |
375,000 |
| 8,000 |
2,237 |
475 |
2,712 |
80,000 |
320,000 |
400,000 |
| 9,000 |
2,517 |
515 |
3,032 |
90,000 |
360,000 |
450,000 |
| 10,000 |
2,797 |
604 |
3,401 |
100,000 |
400,000 |
500,000 |
| 11,000 |
3,216 |
650 |
3,866 |
115,000 |
460,000 |
575,000 |
| 12,500 |
3,496 |
734 |
4,230 |
125,000 |
500,000 |
625,000 |
| 14,000 |
3,915 |
795 |
4,710 |
140,000 |
560,000 |
700,000 |
| 15,000 |
4,195 |
906 |
5,101 |
150,000 |
600,000 |
750,000 |
|
10% down |
|
Monthly
Income |
Monthly
Loan Payment |
Taxes,
Insurance, and PMI |
Total
Monthly Payment |
Down
Payment |
Loan
Amount |
Price of
Home |
| $4,000 |
$1,164 |
$264 |
$1,428 |
$19,500 |
$175,500 |
$195,000 |
| 5,000 |
1,331 |
302 |
1,633 |
22,000 |
198,000 |
220,000 |
| 5,500 |
1,497 |
310 |
1,807 |
25,000 |
225,000 |
250,000 |
| 6,000 |
1,557 |
375 |
1,932 |
26,000 |
234,000 |
260,000 |
| 6,500 |
1,748 |
379 |
2,127 |
27,500 |
247,500 |
275,000 |
| 7,000 |
1,887 |
428 |
2,315 |
30,000 |
270,000 |
300,000 |
| 7,500 |
2,098 |
454 |
2,552 |
33,000 |
297,000 |
330,000 |
| 8,000 |
2,202 |
500 |
2,702 |
35,000 |
315,000 |
350,000 |
| 9,000 |
2,517 |
564 |
3,081 |
40,000 |
360,000 |
400,000 |
| 10,000 |
2,797 |
606 |
3,403 |
44,000 |
396,000 |
440,000 |
| 11,000 |
2,989 |
667 |
3,656 |
47,500 |
427,500 |
475,000 |
| 12,500 |
3,498 |
755 |
4,253 |
55,000 |
495,000 |
550,000 |
| 14,000 |
3,775 |
837 |
4,612 |
60,000 |
540,000 |
600,000 |
| 15,000 |
4,195 |
909 |
5,104 |
66,000 |
594,000 |
660,000 |
|
Notes:
Calculations are based on 7% interest for 30-year loans below
$240,000 and 6.5% interest for 30-year loans over $240,000.
Down payments do not include escrow costs, which run 3% to 5% of
the purchase price, depending on the type of loan.
Monthly Income = gross monthly income (before taxes) less
monthly debts such as car payments, revolving credit cards,
alimony, and child support.
PMI = private mortgage insurance.
Tierra Properties and its representatives do not guarantee the
accuracy of these data. While we deem the information to be
reliable, the reader is advised to independently verify its
accuracy with appropriate professionals. |
|
Distributed by Irma
Vargas, Tierra Properties, 11866 Wilshire Blvd, Los Angeles,
CA 90025
Phone: (310) 477-3192 Email: vargas@tierraproperties.com
Office hours: 9 am to 5 pm Monday through Friday. |
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