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HOW MUCH CAN YOU AFFORD?
Hi ZEPHER,
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I use the mortgage calculator to finger out the maximum house price you can purchase, assume that you are the only one income household, no any outstanding debts, credit bureau report is good, also assume the property tax is $200/month, heating cost is $100/month, use 3 years posting rate 6.55% to calculate as below:
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8 y3 \; |- k# h* C3 o% O3 x7 WDown Payment 5% 10% 25% % I1 \* X( [4 M5 q
Mortgage Principal Amount $225,508.96 $228,272.55 $232,838.00 * R% a) x4 G+ \) f
Default Insurance Premium $7,329.04 $4,565.45 $0.00
& j4 C8 Q3 D6 H' {5 kTotal Mortgage Amount $232,838.00 $232,838.00 $232,838.00
- f& W/ s/ t, D7 p8 R$ K% S& e3 LDown Payment Amount $11,868.89 $25,363.62 $77,612.67 + J' p8 w' |7 e6 N; H2 b! b+ f
Maximum Purchase Price $237,377.85 $253,636.17 $310,450.67 - W7 o& X3 W+ w. M% ^3 y4 n/ Z
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Depending on the size of your down payment, you can afford to buy a home priced between $237,377.85 and $310,450.67. |
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