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Milestone Two_Melissa_Nicotera

Milestone Two_Melissa_Nicotera - Running Head Milestone Two...

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Running Head: Milestone Two 1 FIN 250- Milestone Two May 13, 2016
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MILESTONE TWO 2 My intentions are to purchase a vacation home, in the attached excel spreadsheet you will find the financial requirements. The option to purchase a vacation home according to my financial plan this was a long term goal. If I was to move this to a short term goal, I would need to reconsider my financial status currently. The maximum mortgage calculator worksheet shows that I would qualify up to $416,791 home, with my current financial payments and income. The amounts that you are prequalified for are not always a good guide in buying a home. When I purchased my current home I was qualified for double what I bought. My husband and I choice wisely in our purchase making sure if one of us lost our job we would still be able to afford our mortgage. Under the ability to pay PITI and the fixed monthly payment ratios, indicates the maximum mortgage level with a term of 15 years at 4% interest rate would be $416,791. The maximum monthly payment would be $3083 which includes escrow.
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