|
Why rent if you can own for about
$993/month? |
| selling
price |
85,500 |
| must
have 20% down payment |
$17,100 |
| mortgage
amount |
$68,400 |
| your
monthly mortgage @ 4% for 30yrs |
$326 |
|
maint.
fee (incl. real estate taxes, hot water, u/l
mortgage) |
$667 |
| monthly
mortgage + maintenance fee |
$993 |
|
4:1
ratio { Income >= 4 x 12 x (mortgage+ maintenance
fee)} |
$48,000 |
|
Without any other debts
such as car loan, student loan, credit card
debt,
you need to make approximate
$48,000/year salary
to be qualified by
co-op board. |
|
Didn't get it? Don't worry, click here to do some math... |
If
you pay all cash, without mortgage,
without
any other debts,
you only need to make $667x12x4=$32,000/year
to be qualified by co-op board |
*** Information deemed
reliable but not guaranteed ***
*** The information contained herein is for illustrative purposes
only *** |
|
