|
Why
rent if you can own for about
$1300/month?
|
selling price |
$92,000 |
|
must have 30% down payment |
$27,600 |
|
mortgage amount |
$64,400 |
|
your monthly mortgage @
4%
for 30yrs |
$307 |
|
maintenance fee |
$997 |
|
monthly
mortgage + maintenance fee |
$1304 |
|
4:1
ratio { Income >= 4 x 12 x (mortgage+ maintenance fee)} |
$62,601 |
|
Without any other debts such as car loan,
student loan, credit card debt,
you need to make approximate
$63,000/year
salary to be qualified by co-op board. |
|
Confused? Don't worry, click here to do some math... |
If you pay all the cash,
without taking mortgage,
without any other debts,
you only need to
make $997x12x2.75=$33,000/year
to be qualified by co-op board |
|
Ratio changes from 4:1 to
2.75:1
depends on how much down payment you put.
|
