|
|
Buyer's Finance Calculation |
| selling
price |
98,000 |
| must
have 20% down payment |
$19,600 |
| mortgage
amount |
$78,400 |
| your
monthly mortgage @ 5% for 30yrs |
$421 |
|
maint.
fee (incl. real estate taxes, heat/hot water, u/l
mortgage) |
$602 |
| monthly
mortgage + maintenance fee |
$1023 |
|
3:1
ratio { Income >= 3 x 12 x (mortgage+ maintenance
fee)} |
$36,828 |
|
Without any other debts
such as car loan, student loan, credit card
debt,
you need to make approximate
37,000/year salary
to be qualified by
co-op board. |
|
Didn't get it? Don't worry, click here to do some math... |
If
you pay all the cash, without mortgage,
without
any other debts,
you only need to make $602x12x4=$21,672/year
to be qualified by co-op board |
*** Information deemed
reliable but not guaranteed ***
*** The information contained herein is for illustrative purposes
only *** |
|
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