Mr. Izzo's Math Classes - Mt. Sinai High School



House #1 – Mt. SinaiPrice of House $600,000Target 20% Down Payment _____________________________________________Mortgage Loan Amount ______________________________________________Using Today’s Mortgage Rates:15 year fixed2.375%30 year fixed2.875%10/1 Adjustable (30)2.75%Payment Per 1000 borrowedMonthly Mortgage PaymentNumber of Payments Made Total Cost of LoanAnnual Property Taxes$14,000$14,000$14,000Monthly Property TaxesTotal Monthly Housing Bill (Monthly Mortgage Payment plus Monthly Property Taxes)House #2 – North CarolinaPrice of House $250,000Target 20% Down Payment _____________________________________________Mortgage Loan Amount ______________________________________________Using Today’s Mortgage Rates:15 year fixed2.375%30 year fixed2.875%10/1 Adjustable (30)2.75%Payment Per 1000 borrowedMonthly Mortgage PaymentNumber of Payments Made Total Cost of LoanAnnual Property Taxes$1875$1875$1875Monthly Property TaxesTotal Monthly Housing Bill (Monthly Mortgage Payment plus Monthly Property Taxes)Salary$105,000Monthly Gross Salary33% of Monthly Gross Salary (This is what you can afford as total mortgage and property tax payment)Yearly Property Taxes on House$8000Monthly Property Taxes on HouseActual Monthly Mortgage Payment You Can AffordCurrent Mortgage Interest Rate – 30 Year Fixed2.875%Mortgage Payment per $1000 borrowed (Use Loan Program)Mortgage Loan Amount Buyer Would Qualify For(Payment You Can Afford) ÷ (Payment per $1000 Borrowed) x 1000Down Payment Available$40,000Total Home Price that Buyer Can Afford (Loan Amount + Down Payment)If home is bought at maximum purchase price, will the buyer be subject to PMI? ................
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