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We Make Home Buying As Easy As 1-2-3
And we do it at no cost to you!
Mike and Kelly
There is a simple formula for coming up with how much monthly investment you can make in a home. It is the FHA (Federal Housing Administration) formula that many of the mortgage lenders use. The FHA has found that most people can afford to budget 41% of monthly income to their total debt including housing.
If you have any questions send us an email and we'll be happy to figure it
for you!
MikeandKelly@ClickHere4Homes.com
Hourly Income |
Annual Gross Income |
Monthly Gross Income |
41% of Gross Income |
$7.21 |
$15,000 |
$1,250 |
$513 |
$9.62 |
$20,000 |
$1,667 |
$683 |
$12.02 |
$25,000 |
$2,083 |
$854 |
$14.42 |
$30,000 |
$2,500 |
$1,025 |
$16.83 |
$35,000 |
$2,917 |
$1,196 |
$19.23 |
$40,000 |
$3,333 |
$1,367 |
$21.63 |
$45,000 |
$3,750 |
$1,538 |
$24.04 |
$50,000 |
$4,167 |
$1,708 |
$28.85 |
$60,000 |
$5,000 |
$2,050 |
$33.65 |
$70,000 |
$5,833 |
$2,392 |
$38.46 |
$80,000 |
$6,667 |
$2,733 |
$43.27 |
$90,000 |
$7,500 |
$3,075 |
$48.08 |
$100,000 |
$8,333 |
$3,417 |
$52.88 |
$110,000 |
$9,167 |
$3,758 |
$57.69 |
$120,000 |
$10,000 |
$4,100 |
$62.50 |
$130,000 |
$10,833 |
$4,442 |
$67.31 |
$140,000 |
$11,667 |
$4,783 |
$72.12 |
$150,000 |
$12,500 |
$5,125 |
To use this table pick one of the first three colums that match your income.
You may pick hourly, monthly or annual gross income. This is your income before
any taxes or deductions come out. Note the red figure in the right hand colum.
Add up all of your payments (car, childcare, credit cards) and subtract it
from the red figure in the right hand colum. The money left over represents
what the fha will let you invest in your home monthly. (example if you make
12.02 per hour then you can spend $854 a month on all of your bills) Take
$854 - Your Total Bills $237 and the difference $517 is what you can spend
on your house payment
Cost Of Home Approximate Payments 6% 30 Years
Home Cost |
Payment at 6% |
Home Cost |
Payment at 6% |
|
$40,000 |
$240 |
$45,000 |
$270 |
|
$50,000 |
$300 |
$55,000 |
$330 |
|
$60,000 |
$360 |
$65,000 |
$390 |
|
$70,000 |
$420 |
$75,000 |
$450 |
|
$80,000 |
$480 |
$85,000 |
$510 |
|
$90,000 |
$540 |
$100,000 |
$600 |
|
$110,000 |
$660 |
$120,000 |
$720 |
|
$130,000 |
$780 |
$140,000 |
$840 |
|
$150,000 |
$900 |
$160,000 |
$960 |
|
$170,000 |
$1,020 |
$180,000 |
$1,080 |
|
$190,000 |
$1,140 |
$200,000 |
$1,200 |
|
$210,000 |
$1,260 |
$220,000 |
$1,320 |
|
$230,000 |
$1,380 |
$240,000 |
$1,440 |
|
$250,000 |
$1,500 |
$275,000 |
$1,650 |
|
$300,000 |
$1,800 |
Cost Of Home Approximate Payments 6.5% 30 Years
Home Cost |
Payment at 6.5% |
|
Home Cost |
Payment at 6.5% |
$40,000 |
$253 |
|
$45,000 |
$285 |
$50,000 |
$317 |
|
$55,000 |
$348 |
$60,000 |
$380 |
|
$65,000 |
$411 |
$70,000 |
$443 |
|
$75,000 |
$475 |
$80,000 |
$506 |
|
$85,000 |
$538 |
$90,000 |
$569 |
|
$100,000 |
$633 |
$110,000 |
$696 |
|
$120,000 |
$759 |
$130,000 |
$822 |
|
$140,000 |
$885 |
$150,000 |
$949 |
|
$160,000 |
$1,012 |
$170,000 |
$1,075 |
|
$180,000 |
$1,138 |
$190,000 |
$1,201 |
|
$200,000 |
$1,265 |
$210,000 |
$1,328 |
|
$220,000 |
$1,391 |
$230,000 |
$1,454 |
|
$240,000 |
$1,517 |
$250,000 |
$1,581 |
|
$275,000 |
$1,739 |
$300,000 |
$1,897 |
|
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Making
The Dream Of Home Ownership Come True!!!
Mike & Kelly (405) 720-1155
Email:
Mike&Kelly@ClickHere4Homes.com
This Site Sponsored by:
Max Value Real Estate (405) 720-1155
2809 NW Expressway Suite 450
Oklahoma City, Oklahoma 73112-6807
Oklahoma
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