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Home Sale Price

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Monthly Expenses

Definitions

Assumable Mortgage Amount
The estimated current unpaid principal balance of the existing assumable mortgage.
Down Payment
The estimated amount required as a down payment to purchase the property when assuming the loan. This estimate is the difference between the unpaid principal balance of the assumable mortgage and the home sale price. Negotiation of the final sale price up or down will cause the down payment to increase or decrease as well.
Home Sale Price
The current asking price of the home. Negotiation up or down of the home sale price will result in an increase or decrease in the down payment.
Interest Rate
The estimated rate at which assumable loan was originated.
Annual Property Taxes
Estimated Annual Property Taxes on the property. For pre-populated calculations this is determined with the median tax rate as a percentage of the home sale price based on the state. (Default: 1%)
Annual Homeowners Insurance
Estimated Annual Homeowners Insurance of the property, also known as hazard insurance. This may also include flood insurance, or any other additional property related insurance costs. Adjust this number if you know the current homeowners insurance amount on the home, or your own estimate.
Original Loan Term
The term of the loan at origination.
Remaining Loan Term
The remaining term of the assumable loan.
Annual Income
Your gross annual income.
Other Monthly Income
Other income received monthly such as that from alimony, child support, employer automotive allowances, rental income, etc.
Auto Expenses
This includes any monthly loan payments or lease payments you may have on your vehicle(s).
Credit Card Expenses
The minimum monthly payment required by any credit cards you may have. This should not include any credit card balances you pay off in full each month.
Other Expenses
Other expenses may include alimony payments, child support payments, negative rental cash flow, student loan payments, mortgage payments on any other property owned, or any other installation debts you may have. Only include other mortgage payments or rent if they will continue to be paid after the purchase of the home.