WorkSheet 5.3 completed for FPE8

WorkSheet 5.3 completed for FPE8 - Item 6 ± Item 9 11...

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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 ($10,000 ²
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Unformatted text preview: 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) $ 47,500 3,958 0.30 1,188 125 1,063 7 25 70.05 27,000 18,090 18,090 0.15 120,600 18,090 %,...
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This note was uploaded on 11/06/2011 for the course BUS Ethics101 taught by Professor Jsmith during the Spring '11 term at Lakehead.

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