Borrower info Income (annual) $240,000.00 Income (monthly) $20,000.00 Monthly debt (average) $2,000.00 Monthly Taxes + Insurance $700.00
Question:
Borrower info Income (annual) $240,000.00 Income (monthly) $20,000.00 Monthly debt (average) $2,000.00 Monthly Taxes + Insurance $700.00 Down Payment $50,000.00 Loan terms: Annual Interest Rate 4.00% Periodic Interest Rate 0.33% maximum FE monthly DTI 28.00% maximum BE monthly DTI 36.00% maximum LTV 95.00% maximum loan/DP 19.00 Mortgage Closing Costs $5,000.00 Mortgage Buydown Points 1.75% Term (years) 30 Payments per year 12 Total Number of Payments 360 Balloon 0
Maximum PMT given FE DTI limit
Maximum PMT given BE DTI limit
Maximum PMT given both FE & BE DTI limits
Maximum loan given FE & BE DTI limits
Maximum loan given LTV limit and down-payment
Maximum loan given income & collateral tests Maximum payment given income & collateral tests
How much house can Ann afford?
Total Mortgage Costs
Expert Answer:
To calculate the various financial metrics and the maximum mortgage amount Ann can afford lets proce... View the full answer
