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Somerset Hills Condominiums
AFFORDABILITY
ANALYSIS
(For Illustration Purposes Only)
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One Bedroom |
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Two Bedroom |
| Home Price |
$115,000.00 |
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$130,000.00 |
| Interest Rate |
6.88% |
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6.88% |
| |
| Down Payment (%) |
5.00% |
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5.00% |
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| Down Payment ($) |
$5,750.00 |
|
$6,500.00 |
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| Mortgage Amount |
$109,250.00 |
|
$123,500.00 |
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| Monthly Expenses |
|
Principal & Interest |
$718.06 |
|
$811.72 |
Real
Estate Taxes |
$140.11 |
|
$158.38 |
Private
Mortgage Insurance |
$70.56 |
|
$79.76 |
| Estimated Association Fee |
$181.00 |
|
$195.00 |
Hazard Insurance |
$38.33 |
|
$43.33 |
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| TOTAL Monthly Expenses |
$1,148.06 |
|
$1,288.20 |
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NOTES:
ALL values are estimates and are subject to change.
Acton Residential Tax Rate = $14.62 per thousand.
* A 20% Down Payment will eliminate Private Mortgage Insurance
Pricing based upon 30% Housing Ratio, 6.88% interest rate and traditional bank underwriting practices. |
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