Stonegate Village
AFFORDABILITY
ANALYSIS
|
| Home Price |
$130,000.00 |
$130,000.00 |
$130,000.00 |
| Interest Rate |
6.53% |
6.53% |
6.53% |
| |
| Down Payment (%) |
5.00% |
10.00% |
20.00% |
| |
| Down Payment ($) |
$6,500.00 |
$13,000.00 |
$26,000.00.00 |
| |
| Mortgage Amount |
$123,500.00 |
$117,000.00 |
$104,000.00 |
| |
| Monthly Expenses |
|
Principal & Interest |
$783.04 |
$741.83 |
$659.40 |
Real
Estate Taxes |
$126.00 |
$125.56 |
$224.11 |
Private
Mortgage Insurance |
$80.00 |
$75.56 |
$0.00 |
Estimated
Association Fee |
$125.00 |
$125.00 |
$125.00 |
| Hazard Insurance |
$22.00 |
$22.00 |
$22.00 |
| |
| TOTAL Monthly Expenses |
$1,136.00 |
$1,089.95 |
$931.96 |
| |
NOTES:
ALL values
are estimates and are subject to change.
Sterling Residential Tax Rate = $11.59 per thousand.
* Minimum Income required based upon 20% Housing Ratio, 6.53% interest
rate and traditional bank underwriting practices. |
|
