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THE
ECONOMICS OF THE HOUSE THAT GROWS
THIS GIVES YOU THE
DETAILS OF HOW YOU CAN
AFFORD A 5 BEDROOM,
4.5 BATH HOME FOR $1,100 PER MONTH
In
today’s world the uncertain economic conditions has caused a crisis of
confidence due to the Banking Industry’s selling homes to families that
could not afford the strange financial loans that they have created. We
have designed this home so that the growing family can afford something
they will be proud to own, and would like to provide inexpensive housing
for parents or young couples that would like to live under the same
roof, but want the privacy they deserve, and monthly costs they can
afford. The In-Law Suite allows you to give that privacy, and also to
decrease their monthly costs.
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Cumulative Price |
3 bdrm 2.5 baths |
4 bdrm 3.5 baths |
5 bdrm 4.5 bath W/in-law |
4 bdrm 3.5 bath W/in-law |
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BASIC HOUSE with 3 bedrooms, 2.5 baths |
$329,900 |
$329,900 |
$329,900
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$329,900
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$329,900 |
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EXPAND TO MEET YOUR FAMILIES NEEDS: |
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1. Add an unfinished Attic Space |
$7,900 |
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Finish for a loft Master Bedroom |
$18,650 |
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Finish an oversized Master Bath with |
$6,850 |
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a garden tub in platform shower stall |
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Cost of Expansion |
$33,400 |
n/a |
$33,400 |
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n/a |
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$33,400 |
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TOTAL COST of 4 bedrooms, 3.5 baths |
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$357,450 |
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2. Add and an In-Law-Suite in the lower level with |
$50,700 |
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$50,700 |
$50,700 |
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A large family room, full bath, eating area |
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and large family room. Private entry optional |
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TOTAL COST PER DESIGN |
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$329,900 |
$363,300 |
$414,000 |
$380,600 |
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CASH REQUIREMENT TO PURCHASE |
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FHA DOWN PAYMENT (2.2%-3%) ADD CLOSING |
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$9,900 |
$11,300 |
$13,000 |
$11,600 |
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MORTGAGE 30 YEAR FIXED, ESTIMATE 6% |
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$320,000 |
$352,000 |
$401,000 |
$369,000 |
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MONTHLY MORTGAGE SERVICE OBLIGATION |
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MORTGAGE PAYMENT- PRIN. AND INTEREST ($6/M) |
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$1,920 |
$2,118 |
$2,406 |
$2214 |
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F.H.A. INS. 0.5% |
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$133 |
$147 |
$167 |
$154 |
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REAL ESTATE TAXES-ESTIMATE |
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$250 |
$250 |
$250 |
$250 |
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HOME OWNERS INS. ESTIMATE |
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$50 |
$50 |
$50 |
$50 |
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Total debt Service per month (=33% of Income) |
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$2,353 |
$2,565 |
$2,873 |
$2,668 |
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Lower Incomes are possible with lower debt or higher scores |
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$73,000 |
$79,300 |
$88,800 |
$82,500 |
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Monthly Combined family Income required to qualify |
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$7,130 |
$7,773 |
$8,706 |
$8,085 |
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Annual combined family Income required to qualify |
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$85,500 |
$93,300 |
$104,500 |
$82,500 |
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ACTUAL CASH OUT-OF-POCKET MONTHLY COST: |
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DEBT OBLIGATION |
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$2,353 |
$2,565 |
$2,873 |
$2668 |
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LESS: DEDUCTION FROM FED. &STATE INC. TAX (33%) |
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***-$776 |
***-$846 |
***-$948 |
***-$880 |
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LESS: RENTAL F.M.V. FROM IN -LAW SUITE |
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$0 |
$0 |
-$800 |
-$800 |
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CASH REQUIRED TO MEET MONTHLY NET COSTS |
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$1,577 |
$1,719 |
$1,125 |
$988 |
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***Special Note: the ownership of a home allows you to |
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increase your weekly pay pay filing a new W-4 form |
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your weekly pay increase would be |
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$194 |
$208 |
$234 |
$220 |
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Note: |
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$336,650 |
$370,700 |
$420,000 |
$388,400 |
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This example is an approximation, it will vary with any of the 55
plans that we have. |
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