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HOW MUCH CAN YOU AFFORD?
Hi ZEPHER,# G* W) {* ?- b8 R, M3 h0 T- f8 a1 ~! @
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I use the mortgage calculator to finger out the maximum house price you can purchase, assume that you are the only one income household, no any outstanding debts, credit bureau report is good, also assume the property tax is $200/month, heating cost is $100/month, use 3 years posting rate 6.55% to calculate as below:
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Down Payment 5% 10% 25%
3 t: n4 s! f/ z% X( oMortgage Principal Amount $225,508.96 $228,272.55 $232,838.00 : O$ ^& l, q0 `: y
Default Insurance Premium $7,329.04 $4,565.45 $0.00 - U8 w/ F) C. c) b" Q# T: e
Total Mortgage Amount $232,838.00 $232,838.00 $232,838.00
2 q8 a9 Y1 }+ w3 CDown Payment Amount $11,868.89 $25,363.62 $77,612.67
V! t* U( K# s% P* y7 N/ Y+ KMaximum Purchase Price $237,377.85 $253,636.17 $310,450.67 & g7 A" K9 u4 }4 i# T/ s
6 Y5 y' b! B* w" m: a, ZDepending on the size of your down payment, you can afford to buy a home priced between $237,377.85 and $310,450.67. |
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