ws_05.3 - ($10,000 ² Item 6 ± Item 9) 11 Funds available...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
HOME AFFORDABILITY ANALYSIS* Item Description Amount Name $ $ $ $ $ $ $ $ $ $ $ Date 1 Amount of annual income 2 Monthly income (Item 1 ± 12) 3 Lender’s affordability ratio (in decimal form) 4 Maximum monthly mortgage payment (PITI) (Item 2 ² Item 3) 5 Estimated monthly property tax, heating, and insurance 6 Maximum monthly loan payment (Item 4 ³ Item 5) 7 Approximate average interest rate on loan 8 Planned loan maturity (years) 9 Mortgage payment per $10,000 (using Item 7 and Item 8 and Table of Monthly Mortgage Payments in Exhibit 5.9) 10 Maximum loan based on monthly income
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ($10,000 ² Item 6 ± Item 9) 11 Funds available for making a down payment and paying closing costs 12 Funds available for making a down payment (Item 11 ² .67) 13 Maximum purchase price based on available monthly income (Item 10 ´ Item 12) 14 Minimum acceptable down payment (in decimal form) 15 Maximum purchase price based on down payment (Item 12 ± Item 14) 16 Maximum home purchase price (lower of Item 13 and Item 15) $...
View Full Document

This note was uploaded on 11/01/2011 for the course PERSONAL F PFP101 taught by Professor J.smith during the Fall '11 term at Lakehead.

Ask a homework question - tutors are online