The Martin Group of Realtors®
Local Expertise • Global Reach
+1-561-339-1779
Housing Expense Ratio: | |
---|---|
1. Monthly income before taxes | $ |
2. Multiply line 1 by 0.28 | $ X 0.28 |
3. Monthly mortgage payment (PITI) should not exceed this amount | = $ |
4. Monthly income before taxes | $ |
5. Multiply line 4 by 0.36 | $ X 0.36 |
6. Total monthly payments on all debts (including mortgage) should not exceed this amount | = $ |
7. Subtract the total monthly payments on all outstanding debts (e.g., car loans, credit cards, student loans, etc.) | – $ |
8. The monthly mortgage payment should not exceed this amount | $ |
9. Look at line 3 and line 8. The lower figure is an estimate of the maximum mortgage payment in consideration of your income and debts. | $ |
10. Multiply line 9 by 0.80 | $ X 0.80 |
11. This equals portion of your mortgage payment that is the principal and interest only | = $ |
12. Use the table below to see the size of the loan you may be able to obtain with this monthly mortgage payment. |
Loan amount | 3% | 3.5% | 4% | 4.5% | 5% | 5.5% | 6% |
---|---|---|---|---|---|---|---|
$50,000 | 211 | 225 | 239 | 253 | 268 | 284 | 300 |
$75,000 | 316 | 337 | 358 | 380 | 402 | 426 | 450 |
$100,000 | 421 | 449 | 477 | 506 | 536 | 568 | 600 |
$150,000 | 632 | 674 | 716 | 759 | 804 | 852 | 900 |
$200,000 | 842 | 898 | 954 | 1012 | 1072 | 1136 | 1200 |
$250,000 | 1052 | 1123 | 1193 | 1265 | 1340 | 1420 | 1500 |
$300,000 | 1263 | 1347 | 1431 | 1518 | 1608 | 1704 | 1800 |
Interest Rate | 15-Year Term | 30-Year Term |
---|---|---|
Monthly Payment | Monthly Payment | |
3% | 6.90 | 4.21 |
3.5% | 7.14 | 4.49 |
4% | 7.39 | 4.77 |
4.5% | 7.64 | 5.06 |
5% | 7.90 | 5.36 |
5.5% | 8.18 | 5.68 |
6% | 8.44 | 6.00 |
Loan amount | 3% | 3.5% | 4% | 4.5% | 5% | 5.5% | 6% |
---|---|---|---|---|---|---|---|
$50,000 | 211 | 225 | 239 | 253 | 268 | 284 | 300 |
$75,000 | 316 | 337 | 358 | 380 | 402 | 426 | 450 |
$100,000 | 421 | 449 | 477 | 506 | 536 | 568 | 600 |
$150,000 | 632 | 674 | 716 | 759 | 804 | 852 | 900 |
$200,000 | 842 | 898 | 954 | 1012 | 1072 | 1136 | 1200 |
$250,000 | 1052 | 1123 | 1193 | 1265 | 1340 | 1420 | 1500 |
$300,000 | 1263 | 1347 | 1431 | 1518 | 1608 | 1704 | 1800 |
Text or call the office at 561-339-1779. Or email us in form below:
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Martin Group of Realtors®
Premier Brokers International
9123 N Military Trail #104
Palm Beach Gardens, FL 33410
Team Office: 561-339-1779
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