The mortgage calculator is an excel spreadsheet which allows you to change the parameters i.e. sales price. The highlighted column is for a $160,000 selling price.
Remember to factor in the Federal Tax Credit for first time homebuyers ($8,000) and for repeat buyers ($6,500) into the equation. You can change the sales price to meet your needs and you can calculate the monthly mortgage payment. The highlighted FHA column shows a bottom line of cash required at less than the Federal Tax Credit of $8,000. With a sellers contribution to closing costs which is common in today's market, the first time homebuyer would be able to buy this home with little out of pocket cash.
Remember to factor in the Federal Tax Credit for first time homebuyers ($8,000) and for repeat buyers ($6,500) into the equation. You can change the sales price to meet your needs and you can calculate the monthly mortgage payment. The highlighted FHA column shows a bottom line of cash required at less than the Federal Tax Credit of $8,000. With a sellers contribution to closing costs which is common in today's market, the first time homebuyer would be able to buy this home with little out of pocket cash.
The bottom line of the illustration is that a first time homebuyers could purchase a $160,000 home with $1,000 cash, seller contribution, and the Federal Tax Credit. The monthly mortgage payment would be estimated at $1,000 per month. A $160,000 house in Charlotte would be a 2-story, 3-bedroom, 2.5 bath home with a 2-car garage. And, built in 2006!
This spread sheet is to be used as a guide since interest rates and closing costs will vary and may change daily. Contact your mortgage representative to assist you with interest rates and exact closing costs associated with your housing goals.
You should contact your local Realtor® to assist you on the available inventory in your market. For the Charlotte, NC region please let me know your housing goals and criteria and I will be glad to provide you with a quick search of the MLS – no obligation or commitment.
This spread sheet is to be used as a guide since interest rates and closing costs will vary and may change daily. Contact your mortgage representative to assist you with interest rates and exact closing costs associated with your housing goals.
You should contact your local Realtor® to assist you on the available inventory in your market. For the Charlotte, NC region please let me know your housing goals and criteria and I will be glad to provide you with a quick search of the MLS – no obligation or commitment.
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