Ipswich River Point
AFFORDABILITY
ANALYSIS
|
| |
Two Bedroom |
|
Three Bedroom |
| Home Price |
$160,000.00 |
|
$180,000.00 |
| Interest Rate |
6.00% |
|
6.00% |
| |
| Down Payment (%) |
5.00% |
|
5.00% |
| |
| Down Payment ($) |
$8,000.00 |
|
$9,000.00 |
| |
| Mortgage Amount |
$152,000.00 |
|
$171,000.00 |
| |
| Monthly Expenses |
|
Principal & Interest |
$911.32 |
|
$1,025.23 |
Real
Estate Taxes |
$121.47 |
|
$136.65 |
Private
Mortgage Insurance |
$98.17 |
|
$110.44 |
| Estimated Association Fee |
$100.00 |
|
$110.00 |
Hazard Insurance |
$53.33 |
|
$60.00 |
| |
| TOTAL Monthly Expenses |
$1,284.28 |
|
$1,442.32 |
| |
NOTES:
ALL values are estimates and are subject to change.
Ipswich Residential Tax Rate = $9.11 per thousand.
* Minimum Income required based upon 30% Housing Ratio, 6.0% interest rate and using traditional bank underwriting practices. |
|
