You are tasked with finding the annual salary and total cash to close to afford the median home (price) in your chosen city under two different scenarios: 1) 97% LTV with PMI and 2) 80% LTV w/o PMI. Assumptions: Your interest rate is 7.5%, annual insurance cost is estimated at $1,500, annual taxes is estimated at 0.75% of the loan amount, PMI is estimated at 0.50% of loan ammount (annually), closing costs are estimated at 0.75% of loan amount. You have a student loan payment of $500/mo. The loan is assumed to be a fixed rate mortgage with a 30 year term, paid monthly.PLEASE DO WORK IN EXCEL

Answer rating: 100% (QA)

Certainly Ill help you calculate the annual salary and total cash to close for the two scenarios Lets assume the median home price in your chosen city ... View the full answer