Kevin Murray M.B.A.... Voice(925) 279-1190 FAX (925) 279-1191 .E-Mail-
Payment Estimator
|
30 year - 8% interest - 80% loan to value |
||||||
|
Gross Price |
200,000 |
300,000 |
400,000 |
500,000 |
600,000 |
700,000 |
|
Down Payment |
40,000 |
60,000 |
80,000 |
100,000 |
120,000 |
140,000 |
|
Loan Amount |
160,000 |
240,000 |
320,000 |
400,000 |
480,000 |
560,000 |
|
Loan Payment |
1,174 |
1,761 |
2,348 |
2,935 |
3,522 |
4,109 |
|
PMI |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
Prop. Tax |
200 |
300 |
400 |
500 |
600 |
700 |
|
|
-------------- |
-------------- |
-------------- |
-------------- |
-------------- |
-------------- |
|
|
1,374 |
2,061 |
2,748 |
3,435 |
4,122 |
4,809 |
DISCLAIMER: The purpose of this model is to demonstrate the approximate
variance in relative cost from one home price level to another. This tool is
most useful to someone beginning their home search, and not someone determining
the actual monthly cost of a specific home. This is not an advertisement for
loans or loan pricing. The prices, fees, rates, and calculations shown here are
only rough estimates of hypothetical scenarios; actual costs will vary - in
some cases substantially. The interest rate shown here is not being represented
as being available, it is included for purposes of demonstration only, and may
not be available now or at the time of your purchase. This rate does not
represent an APR (annual percentage rate) which is not pertinent to this
calculation. Some, but not all, of the factors in determining your interest
rate will be the amount that you borrow, your credit history, earning history,
and financial position. Actual payment and rate information should be obtained
directly from a lender or mortgage broker. The Loan Payment shown above is
based on a 30-year amortization, as calculated by the standard defaults in an
Microsoft Excel spreadsheet, this may vary from a lender's calculation, it
includes both principal and interest. The PMI (personal mortgage insurance)
estimate is based on 3/8 percent per annum above 80% LTV (loan to value) and
5/8 percent per annum above 90% LTV (these rates are only an estimate and will
vary). The Property Tax is estimated at 1.2% per year of the gross purchase
price, this will vary based on location, assessments, bonds, etc. (these rates
are only an estimate and will vary). You can research property tax rates at
your local tax assessor's office. There are other costs typically associated
with home ownership including but not limited to: insurance, maintenance, and
homeowner's association dues. All costs should be evaluated before purchasing a
home. There is no guarantee that you or anyone else could buy a home at these
prices and under these scenarios in your area. The information and calculations
above are deemed reliable, but not guaranteed.