Would a person with the following income and expenses qualify for a home based on the front end affordability ratio? Annual gross income = $60,000 Monthly principal and interest payment = $1,000 Monthly home insurance payment = $100 Monthly property tax payment = $100 Monthly credit card payment = $50 Monthly car payment = $250 Monthly student loan payment = $200 %3D %3D %3D
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- Conchita Martinez will have a monthly interest and principal payment of $1,820.68. Her monthly real estate taxes will be $57.06 and her monthly homeowner's insurance payments will be $89.47. If her gross monthly income is $6,778.27, find the housing ratio. Question content area bottom Part 1 The housing ratio is= (Round to two decimal places as needed.)fill out the worksheet using the following information: Theoretical Housing Situation: Renting: Monthly Rent: $1,800 Renter’s Insurance: $200 per year Security Deposit: $2,000 After-tax Savings Rate: 5% Buying: Home Price: $250,000 Down Payment: $50,000 Loan Amount: $200,000 Loan Term: 25 years Interest Rate: 3.5% Property Taxes: 1.25% of the home price Homeowner’s Insurance: 0.4% of the home price Maintenance Costs: 1.5% of the home price Closing Costs: $5,000 After-tax Rate of Return: 4% Tax Rate: 25% Estimated Annual Appreciation: 2%Find the annual homeowners insurance premium on a masonry home located in zone 1 if the home is insured for $237,000. The owner chooses a $1,500 deductible and has good credit. E Click the icon to see a hypothetical table of Estimated Annual Homeowners Insurance Premium Rates per $100 of Face Value. The annual homeowners insurance premium is $ (Simplify your answer. Type an integer or a decimal.)
- Maddie Marlow and Jonah Font have an adjusted gross income of $174,200. They are looking for a new house. Their monthly mortgage payment would be $1,710. Their annual property taxes would be $12,350 and their annual homeowner's premium would be $1080. Calculate their front-end ratio.Front-end ratio = Monthly housing expenses / Monthly gross incomefill in the blanks using this information: Theoretical Housing Situation: Renting: Monthly Rent: $1,800 Renter’s Insurance: $200 per year Security Deposit: $2,000 After-tax Savings Rate: 5% Buying: Home Price: $250,000 Down Payment: $50,000 Loan Amount: $200,000 Loan Term: 25 years Interest Rate: 3.5% Property Taxes: 1.25% of the home price Homeowner’s Insurance: 0.4% of the home price Maintenance Costs: 1.5% of the home price Closing Costs: $5,000 After-tax Rate of Return: 4% Tax Rate: 25% Estimated Annual Appreciation: 2% Now, fill in the worksheet: A. COST OF RENTING: Annual Rental Costs (Line A.1): 12×$1,800=$21,60012×$1,800=$21,600 Renter’s Insurance (Line A.2): $200 Opportunity Cost of Security Deposit (Line A.3): $2,000×0.05=$100$2,000×0.05=$100 Total Cost of Renting (Line A.1 + Line A.2 + Line A.3): $21,600+$200+$100=$21,900$21,600+$200+$100=$21,900 B. COST OF BUYING: Annual Mortgage Payments (Line B.1): Use a mortgage calculator to find the monthly…According to the housing recommendations from this book of the family has a gross annual income of $46,200 what should be the maximum amount of a mortgage loan they could afford
- Before you are able to purchase a home you need to get pre-qualified and determine the maximum amount you can afford for the mortgage payment. The mortgage company that you visit uses the qualifying ratios 29/41. After speaking with the mortgage broker and answering several questions, the broker compiles this information regarding your income and expenses: You have a monthly income of $5,500. Your significant other that is living with your and will be on the loan earns $4,500 monthly. You have 2 car payments, one is $325 and the other is $280. Your significant other has a motorcycle payment of $450. You have a credit card payment of $25. Your significant other has a credit card payment of $180. The annual property tax in the area that you are considering to purchase the house has an average amount of $2800, while the average home insurance is $800 annually. Determine the anticipated monthly payment of the mortgage based on the given ratios. A) The Front-End (AKA: Housing) Ratio: ? B)…How is the housing expense ratio calculated? The monthly PITI payment is divided by the borrower's monthly net income. The monthly PITI payment is divided by the borrower's monthly gross income. O The monthly PITI payment plus other monthly obligations are divided by the monthly gross income. The borrower's monthly gross income is divided by the monthly PITI payment.Calculate Peter and Lisa's (husband and wife) front end ratio. Below is their financial information: Monthly Income Peter: $4,400.00 Lisa: $3,400.00 Present Mortgage Payment $2,000.00 Auto Loan (Peter) $400.00 Auto Loan (Lisa) $350.00 Amex $45.00 Capital One $450.00 Student Loan $350.00 Monthly Housing Expense Mortgage: $2,000.00 Front Ratio = (Monthly Housing Expense / Monthly Income)* 100 = (Round up the answer up to 2 digits)
- You are the wage earner in a "typical family" with $40,000 gross annual income. Use the easy method to determine how much insurance you should carry. Insurance need You are the wage earner in a "typical family" with $40,000 gross annual income. Use the easy method to determine how much insurance you should carry. Insurance needHome ownership has other expenses, including taxes, homeowner's insurance and utilities. The annual property tax can be estimated as 1% of the amount borrowed and the annual homeowner's insurance can be estimated as 2% of the amount borrowed. For a moratage of 145,000 find the following a). What is the monthly ampount of property tax?. b). what is the monthly amount of homeowner's insurance?You are the wage earner in a "typical family," with $60,000 gross annual income. Use the easy method to determine how much life insurance you should carry. O 60,000 O 120,000 294,000 420,000