Home Affordability Analysis Item 1. Amount of annual income 2. Monthly income (item no. 1 + 12) 3. Lenders affordability ratio (in decimal form) 4. Maximum monthly mortgage payment (PITI) - (Item 2 x Item 3) 5. Estimated monthly prop. Tax and homeowner's insurance payment 6. Maximum monthly loan payment (Item 4 - Item 5) 7. Approximate average interest rate on loan 8. 9. 10. 11. 12. 13. 14. 15. 16. Description Planned loan maturity (years) Mortgage payment per P10,000.00 (using item 7 and item 8 and table of monthly mortgage payments Maximum loan based on monthly income (P10,000.00 x item 6 + item 9) Funds available for making a down payment and paying closing costs Funds available for making a down payment (Item 11 x 0.67) Maximum purchase price based on available monthly income (item 10 + item 12) Maximum acceptable down payment (in decimal form) Maximum purchase price based on down payment (item 12 + item 14) Maximum home purchase price (lower of item 13 and item 15) € Amount 75,000 6,267 0.28 1,755 375 1,380 6% 30 59.96 230,000 30,000 20,100 250,100 0.10 201,000 201,000
Home Affordability Analysis Item 1. Amount of annual income 2. Monthly income (item no. 1 + 12) 3. Lenders affordability ratio (in decimal form) 4. Maximum monthly mortgage payment (PITI) - (Item 2 x Item 3) 5. Estimated monthly prop. Tax and homeowner's insurance payment 6. Maximum monthly loan payment (Item 4 - Item 5) 7. Approximate average interest rate on loan 8. 9. 10. 11. 12. 13. 14. 15. 16. Description Planned loan maturity (years) Mortgage payment per P10,000.00 (using item 7 and item 8 and table of monthly mortgage payments Maximum loan based on monthly income (P10,000.00 x item 6 + item 9) Funds available for making a down payment and paying closing costs Funds available for making a down payment (Item 11 x 0.67) Maximum purchase price based on available monthly income (item 10 + item 12) Maximum acceptable down payment (in decimal form) Maximum purchase price based on down payment (item 12 + item 14) Maximum home purchase price (lower of item 13 and item 15) € Amount 75,000 6,267 0.28 1,755 375 1,380 6% 30 59.96 230,000 30,000 20,100 250,100 0.10 201,000 201,000
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter6: Using Credit
Section: Chapter Questions
Problem 3FPE
Related questions
Question
Please make a detailed explanation on how to get the speficific items : 1,3,5,7,8,9,11,14 and 16
Format:
Given :
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________
Formula:
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Solution:
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