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No need
to reach for your calculator-we've done the math for you. The two
charts on the opposite page should tell you everything you need to
know.
The
first chart tells you how much 29 percent of your monthly income is.
Find your annual income, or a figure close to it, in the column at
the left. Then read across to find out how much your monthly gross
income is, and finally, what 29 percent of that figure amounts to.
This is approximately how much you can spend on total housing costs
each month.
The
second chart tells you how much your monthly mortgage might be based
on a home's selling price. Remember to keep in mind that the monthly
figure from this second chart is based on a 30-year fixed mortgage
and includes monthly principal and interest payments only. Taxes and
insurance - which vary from community to community - are not
included.
So if
29 percent of your gross income is, say, $604, that doesn't mean you
can pay a $604-per-month mortgage. You need to look at a mortgage
somewhat below that, to leave room for taxes and insurance. Be sure
to ask your lender to help you estimate how much your total costs
will be.
|
Annual Gross Income |
Monthly Gross Income |
29% of Gross Income |
| $15,000 |
$1,250 |
$363 |
| 20,000 |
1,667 |
483 |
| 25,000 |
2,083 |
604 |
| 30,000 |
2,500 |
725 |
| 35,000 |
2,917 |
846 |
| 40,000 |
3,333 |
967 |
| 45,000 |
3,750 |
1,088 |
| 50,000 |
4,167 |
1,208 |
MORTGAGE PAYMENT CALCULATOR.
Monthly principal, interest payments for 30-year, fixed rate
mortgage.
Monthly taxes, insurance not included.
|
COST |
6% |
6.5% |
7% |
7.5% |
8% |
8.5% |
9% |
9.5% |
10% |
|
$25,000 |
$ 150 |
158 |
166 |
175 |
183 |
192 |
201 |
210 |
219 |
|
$30,000 |
$ 180 |
190 |
200 |
210 |
220 |
231 |
241 |
252 |
263 |
|
$40,000 |
$ 240 |
253 |
266 |
280 |
293 |
308 |
322 |
336 |
351 |
|
$50,000 |
$ 300 |
316 |
333 |
350 |
367 |
384 |
402 |
420 |
439 |
|
$60,000 |
$ 360 |
379 |
399 |
420 |
440 |
461 |
483 |
505 |
527 |
|
$70,000 |
$ 420 |
442 |
466 |
489 |
514 |
538 |
563 |
589 |
614 |
|
$80,000 |
$ 480 |
506 |
532 |
559 |
587 |
615 |
644 |
673 |
702 |
|
$90,000 |
$ 540 |
569 |
599 |
629 |
660 |
692 |
724 |
757 |
790 |
|
$100,000 |
$ 600 |
632 |
665 |
699 |
734 |
769 |
805 |
841 |
878 |
|
$110,000 |
$ 660 |
695 |
732 |
769 |
807 |
846 |
885 |
925 |
965 |
|
$120,000 |
$ 719 |
758 |
798 |
839 |
880 |
923 |
966 |
1,009 |
1,053 |
|
$130,000 |
$ 780 |
822 |
865 |
909 |
954 |
1,000 |
1,046 |
1,093 |
1,141 |
|
$140,000 |
$ 839 |
885 |
931 |
979 |
1,027 |
1,076 |
1,126 |
1,177 |
1,229 |
|
$150,000 |
$ 899 |
948 |
998 |
1,049 |
1,101 |
1,153 |
1,207 |
1,261 |
1,316 |
|
$160,000 |
$ 959 |
1,011 |
1,064 |
1,119 |
1,174 |
1,230 |
1,287 |
1,345 |
1,404 |
|
$170,000 |
$1,019 |
1,075 |
1,131 |
1,189 |
1,247 |
1,307 |
1,368 |
1,429 |
1,492 |
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