Whittridge Place
AFFORDABILITY
ANALYSIS
|
| Home Price |
$164,000.00 |
$164,000.00 |
$164,000.00 |
| Interest Rate |
6.17% |
6.17% |
6.17% |
| |
| Down Payment (%) |
5.00% |
10.00% |
20.00% |
| |
| Down Payment ($) |
$8,200.00 |
$16,400.00 |
$33,800.00.00 |
| |
| Mortgage Amount |
$155,800.00 |
$147,600.00 |
$131,200.00 |
| |
| Monthly Expenses |
|
Principal & Interest |
$951.20 |
$901.20 |
$801.01 |
Real
Estate Taxes |
$145.55 |
$145.55 |
$145.55 |
Private
Mortgage Insurance |
$101.27 |
$95.94 |
$0.00 |
Estimated
Association Fee |
$80.00 |
$80.00 |
$80.00 |
| Hazard Insurance |
$25.00 |
$25.00 |
$25.00 |
| |
| TOTAL Monthly Expenses |
$1,303.02 |
$1,247.62 |
$1,051.56 |
| |
NOTES:
North Reading Residential Tax Rate = $10.65 per thousand
* Minimum Income required based upon 30% Housing Ratio, 6.17% interest
rate and traditional bank underwriting practices. |
|
