Kevin Murray M.B.A.... Voice(925) 279-1190 FAX (925) 279-1191 . E-Mail
Payment Estimator
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30 year - 8% interest - 95% loan to value |
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|
Gross Price |
200,000 |
300,000 |
400,000 |
500,000 |
600,000 |
700,000 |
|
Down Payment |
10,000 |
15,000 |
20,000 |
25,000 |
30,000 |
35,000 |
|
Loan Amount |
190,000 |
285,000 |
380,000 |
475,000 |
570,000 |
665,000 |
|
Loan Payment |
1,394 |
2,091 |
2,788 |
3,485 |
4,182 |
4,880 |
|
PMI |
99 |
148 |
198 |
247 |
297 |
346 |
|
Prop. Tax |
200 |
300 |
400 |
500 |
600 |
700 |
|
|
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|
1,693 |
2,540 |
3,386 |
4,233 |
5,079 |
5,926 |
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.