You may not buy a home or need a mortgage for several years, but it's important...
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You may not buy a home or need a mortgage for several years, but it's important to understand some of what that entails. Complete this worksheet with your first home in mind. I hope to buy my home in (or around) the year I very roughly estimate it to cost S Use what you learned in the Home Buying lectures to fill in the blanks below. The mortgage lender would prefer my down payment to be %, which would be S My closing costs could be as much as S Between the down payment and closing costs above, I would need S in cash up-front. If I can't afford to pay the full down payment up front, I could... (list 2 options for reducing this requirement). 1. 2. % of the price of the home, which would be Assuming I can pay the full down payment above, I would still need a mortgage of S According to bankrate.com. (input the name of the lender) is currently offering a % and a monthly payment of $ 30 year, fixed interest mortgage with an APR of Based upon the value of the home I listed above, my annual property taxes would roughly be S (assuming a tax rate of 2.38%). Assuming my home insurance will cost $2,000 annually, fill in your monthly PITI below: P&I S IS Total PITI S TS Lenders prefer my PITI to be less than gross monthly income needs to be S $ to be approved for this mortgage. If I pay the required monthly mortgage payment over 30 years, I will pay a total of $ in interest (use bankrate.com's Amortization Calculator). If I pay an additional $100 towards on top of my required monthly mortgage payment each month, I'll instead pay a total of S in interest, causing me to save $ and allow me to repay my mortgage in only Example: Paying only the required payment Monthly Payments $836.03 Mortgage amount $145.000 Mortgage term in years Term in months 340 Interest rate per year 45 HIDE EXTRA PAYMENTS $0 $0 % $0 Dec 2047 Jan 2048 Feb 2048 Mar 2048 Apr 2048 May 2048 WAS Jun 2048 Jul 2048 Guantes Aug 2048 Sep 2048 Oct 2048 Nov 2048 CALCULATE Total Principal Paid Total Interest Paid Caculate the impact of extra payments using any combination of the inputs below. To see your new estimated payondale, cick Show amortuaron schedule nk above to your monty mortgage payment as a one-time mortgage payment in TODAY'S RATES as an extra yearly mortgage payment occuring every $836.03 $799.3 $36.72 $036.03 $802.31 $33.72 $836.03 $805.32 $30.71 $836.03 $808.34 $27.69 262 $836.03 $811.37 $24.66 C P $836.03 $814.41 $21.62 T C $817.46 $18.57 $836.03 TAS TORT $836.03 $820.53 $15.50 ENPRESAR $836.03 wwwwww PER $823.61 $12.42 $836.03 $826.70 $9.34 $836.03 $829.80 $6.24 $836.03 $832.91 $3.12 years. Show amortization schedule December $185.000 $135.971.07 % of my gross monthly income, and so I estimate that my and my gross annual income needs to be December ↓ APPLY EXTRA PAYMENTS $135,767.48 $135.901.20 $135.831.91 $135.859.61 $135,884.27 $135,905.89 $135,924.46 $135,939.96 www. $135,952.38 $135,961.72 $135,967.95 $135,971.07 2018 ↓ $8,992.74 $8,190.43 $7.385 11 $6.576.78 $5,765.41 $4.951.00 PER $4,133.54 P $3,313.01. $2,489.40 $1,662.70 $832.91 $0.00 Example: Paying an extra $100 each month Mortgage amount 8165,000 Mortgage term in years 30 Or Term in months 360 interest rate per year 4.5 HIDE EXTRA PAYMENTS $0 $0 N Feb 2042 Mar 2042 Apr 2042 May 2042 Jun 2042 Rese Jul 2042 Anten Aug 2042 Sep 2042 Oct 2042 Nov 2042 Dec 2012 Jan 2043 CALCULATE Caculate the impact of extra payments using any combination of the inputs below. To see your new estimated payoff date, click Show amortization schedule link above. $100 to your monthly mortgage payment Total Principal Paid Total Interest Paid Monthly Payments as a one-time management in $836.03 $936.03 $898.15 $37.88 $936.03 $901.52 $34.51 $936.03 $31.13 $936.00 $908 29 $27.74 $936.03 $911.70 $24.33 $936.03 $915.12 $20.91 $936.03 $918 55 $17.48 $936.03 $921.99 $14.04 $936.03 $925.45 $10.58 $936.03 $928 92 $7.11 $936.03 $932 40 $3.63 $34.63 $34.50 $0.13 $904 90 TODAY'S RATES as an extra yearly mangage payment occuring every Show amortization schedule December $165.000 $105.547.52 $105.355.93 $105.390.44 APPLY EXTRA PAYMENTS $105.421.58 $105,449.31 $105.473.65 $105.494 56 $105.494.56 $105.512.04 $105.526.08 $105.536.66 $105.543.77 $105.547.39 $105,547.52 December + 2018 A ↓ $9,203.35 $8.301.83 $7,396.93 $6.488.64 $5.576.94 $4,661.82 $3,743.27 $2.821.20 $1.895.83 $966.91 $34.50 $0.00 You may not buy a home or need a mortgage for several years, but it's important to understand some of what that entails. Complete this worksheet with your first home in mind. I hope to buy my home in (or around) the year I very roughly estimate it to cost S Use what you learned in the Home Buying lectures to fill in the blanks below. The mortgage lender would prefer my down payment to be %, which would be S My closing costs could be as much as S Between the down payment and closing costs above, I would need S in cash up-front. If I can't afford to pay the full down payment up front, I could... (list 2 options for reducing this requirement). 1. 2. % of the price of the home, which would be Assuming I can pay the full down payment above, I would still need a mortgage of S According to bankrate.com. (input the name of the lender) is currently offering a % and a monthly payment of $ 30 year, fixed interest mortgage with an APR of Based upon the value of the home I listed above, my annual property taxes would roughly be S (assuming a tax rate of 2.38%). Assuming my home insurance will cost $2,000 annually, fill in your monthly PITI below: P&I S IS Total PITI S TS Lenders prefer my PITI to be less than gross monthly income needs to be S $ to be approved for this mortgage. If I pay the required monthly mortgage payment over 30 years, I will pay a total of $ in interest (use bankrate.com's Amortization Calculator). If I pay an additional $100 towards on top of my required monthly mortgage payment each month, I'll instead pay a total of S in interest, causing me to save $ and allow me to repay my mortgage in only Example: Paying only the required payment Monthly Payments $836.03 Mortgage amount $145.000 Mortgage term in years Term in months 340 Interest rate per year 45 HIDE EXTRA PAYMENTS $0 $0 % $0 Dec 2047 Jan 2048 Feb 2048 Mar 2048 Apr 2048 May 2048 WAS Jun 2048 Jul 2048 Guantes Aug 2048 Sep 2048 Oct 2048 Nov 2048 CALCULATE Total Principal Paid Total Interest Paid Caculate the impact of extra payments using any combination of the inputs below. To see your new estimated payondale, cick Show amortuaron schedule nk above to your monty mortgage payment as a one-time mortgage payment in TODAY'S RATES as an extra yearly mortgage payment occuring every $836.03 $799.3 $36.72 $036.03 $802.31 $33.72 $836.03 $805.32 $30.71 $836.03 $808.34 $27.69 262 $836.03 $811.37 $24.66 C P $836.03 $814.41 $21.62 T C $817.46 $18.57 $836.03 TAS TORT $836.03 $820.53 $15.50 ENPRESAR $836.03 wwwwww PER $823.61 $12.42 $836.03 $826.70 $9.34 $836.03 $829.80 $6.24 $836.03 $832.91 $3.12 years. Show amortization schedule December $185.000 $135.971.07 % of my gross monthly income, and so I estimate that my and my gross annual income needs to be December ↓ APPLY EXTRA PAYMENTS $135,767.48 $135.901.20 $135.831.91 $135.859.61 $135,884.27 $135,905.89 $135,924.46 $135,939.96 www. $135,952.38 $135,961.72 $135,967.95 $135,971.07 2018 ↓ $8,992.74 $8,190.43 $7.385 11 $6.576.78 $5,765.41 $4.951.00 PER $4,133.54 P $3,313.01. $2,489.40 $1,662.70 $832.91 $0.00 Example: Paying an extra $100 each month Mortgage amount 8165,000 Mortgage term in years 30 Or Term in months 360 interest rate per year 4.5 HIDE EXTRA PAYMENTS $0 $0 N Feb 2042 Mar 2042 Apr 2042 May 2042 Jun 2042 Rese Jul 2042 Anten Aug 2042 Sep 2042 Oct 2042 Nov 2042 Dec 2012 Jan 2043 CALCULATE Caculate the impact of extra payments using any combination of the inputs below. To see your new estimated payoff date, click Show amortization schedule link above. $100 to your monthly mortgage payment Total Principal Paid Total Interest Paid Monthly Payments as a one-time management in $836.03 $936.03 $898.15 $37.88 $936.03 $901.52 $34.51 $936.03 $31.13 $936.00 $908 29 $27.74 $936.03 $911.70 $24.33 $936.03 $915.12 $20.91 $936.03 $918 55 $17.48 $936.03 $921.99 $14.04 $936.03 $925.45 $10.58 $936.03 $928 92 $7.11 $936.03 $932 40 $3.63 $34.63 $34.50 $0.13 $904 90 TODAY'S RATES as an extra yearly mangage payment occuring every Show amortization schedule December $165.000 $105.547.52 $105.355.93 $105.390.44 APPLY EXTRA PAYMENTS $105.421.58 $105,449.31 $105.473.65 $105.494 56 $105.494.56 $105.512.04 $105.526.08 $105.536.66 $105.543.77 $105.547.39 $105,547.52 December + 2018 A ↓ $9,203.35 $8.301.83 $7,396.93 $6.488.64 $5.576.94 $4,661.82 $3,743.27 $2.821.20 $1.895.83 $966.91 $34.50 $0.00
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Accounting Information Systems basic concepts and current issues
ISBN: 978-0078025334
3rd edition
Authors: Robert Hurt
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