Home Affordability Analyzer Worksheet

Step 1: Describe Your Financial Situation Cash you have for down payment $15,000 Your gross monthly income $5,000 Other debt service payments $250 Step 2: Describe the Housing/Mortgage Market Annual mortgage interest rate 8.00% Mortgage term in months 360 Expected closing costs 5.00% Expected monthly housing costs $150 Step 3: Describe the Lendor's Qualification Rules Down payment % required 10.00% Max. debt service % allowed 33.00% Max. housing expense % allowed 28.00% Home Affordability Calculation Results Monthly mortgage payment $660 Mortgage balance $90,000 Home price $100,000 Down payment $10,000 Closing costs $5,000
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