Calculate housing debt to income

Assignment Help Financial Management

Reference no: EM132044398

John & Julie Smith

$100,000 sales price

$88,000 loan amount

4.50% mortgage interest rate

Amortization = 30 years

Primary borrower annual salary = $51,240

Secondary borrower annual salary = $23,280

Checking acct = $4,000

Savings acct = $18,000

Real estate taxes = $2,400/year

Insurance = $972/year

2002 Honda Civic; $6,500 value, $2,798 loan balance; pmts = $146/month

2007 Nissan Maxima; $11,000 value, $6,988 loan balance; pmts = $248/month

Personal property = $4,200 value

Rent = $650/month

Credit card #1 = $1,978

Credit card #2 = $748

Credit card #3 = 1,400

Credit card pmts = 2% of balance

Student loans = $18,000

Student loan pmt = 4% of balance

Utility bill average = $275/m

Car insurance = $845 every 6 months

Child care = $800/month

Credit score = 650; average

1) Calculate housing debt to income

2) Calculate total debt to income

3) Loan to value

Reference no: EM132044398

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