Hashing Out Rough Mortgage Numbers on the Fly!
Автор: JazzLoans
Загружено: 2025-11-07
Просмотров: 370
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💡 LISTEN AND LEARN: Hashing Out Rough Mortgage Numbers on the Fly! 🏡
These numbers are rough estimates for educational purposes and are not a mortgage quote.
How much home can you afford on a $20/hour salary? Let’s find out!
Math Breakdown:
*Hourly Income: $20/hour x 40 hours/week = $800/week
*Annual Income: $800/week x 52 weeks = $41,600/Year
*Gross Monthly Income (GMI): $41,600 / 12 months = $3,466.67/Month
Affordability Estimate (Using 50% Debt-to-Income Ratio):
*Max Total Payment: GMI ($3,466.67) x 0.50 = $1,733.34
*Less Other Debt: Max Payment - Est. $200/month (Credit Card/Student Loans/Car Payment) = $1,533.34
*Max Housing Payment: Including Taxes, Insurance, & MI (Est. $300/month) = $1,533.34
Key Loan Factors:
*The above calculation factors in a CONSERVATIVE 30-year fixed rate of 6.99% and a 3% down payment.
*Estimated Purchase Price Considering Above: $180,000 - $205,000
⚠️These numbers are rough estimates and are not considered a quote.⚠️
Give me a call to get your actual pre-approval! 📞 330-990-2105
✌️
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