Modelling,Spreedsheet and Engineering - Group #8.xlsx - Source Data Annual Household Income Annual Investment Return Home Purchase Price Term Down

# Modelling,Spreedsheet and Engineering - Group #8.xlsx -...

• 18

This preview shows page 1 - 5 out of 18 pages.

Source Data Constants Annual Household Income 56,420 Bank DITR 0.37 Annual Investment Return 3,000 Living Expenses are static & fixed 4,160 Home Purchase Price 275,000 Household Income is static & fixed 56,420 Term 25 Annual Investment Return 3,000 Down Payment (5%) 55,000 Home Purchase Price 275,000 Property Taxes 3,264 Property Taxes 3,264 Homeowners Insurance 1,200 Homeowners Insurance 1,200 Monthly Living Expenses 4,160 iRate 3.75% Assumptions: if he could have an additiona monthly income of 700 from rental it will have additional household income t he could sell his other car to decrease the monthly consumption of fuel A return on investments is made i-Rate is fixed for the term of the loan Outcome: DTIR: 36% or less = approved Mortage Calculator: =-PMT(iRate/12,Term*12,Initial_Mortgage_Balance)
Variables (inputs) Down Payment 82,500 Initial Mortgage Balance 192,500 Term 25 iRate 0.0350 Monthly Mtg Pymt 963.70037 total of 8400 yearly
Approved? DISAPPROVED DTIR 1.109873662742 Total Monthly Income 4,952 Total Monthly Debt Payments 5,496 Total Monthly Income 4,952 Annual Gross Income 56,420 Annual Investment Return 3,000 Total Monthly Debt Payments 5,496 Monthly Living Expenses 4,160 Monthly PITI 1,336 Monthly PITI 1,336 Monthly Mortgage Payment 964 Monthly Property Tax 272 Homeowners Insurance Prem. 100 Monthly Mortgage Payment \$963.70 iRate 0.035 Term 25 Initial Mortgage Balance 192,500
Notes TMI/TMDP Calc Calc