If you go strictly by the book, most
lenders will allow you to spend 28 percent of your family's gross
monthly income on mortgage principal and interest, property taxes and
homeowners insurance, known as PI TI.
Maximum Loan Amounts
|
|
Based on Gross Income |
|
Weekly
Income |
Monthly
Income |
Annual
Income |
Maximum Monthly PIPI Payment |
|
| $481 |
$2,083 |
$25,000 |
$583 |
| $577 |
$2,500 |
$30,000 |
$700 |
| $673 |
$2,917 |
$35,000 |
$816 |
| $769 |
$3,333 |
$40,000 |
$933 |
| $865 |
$3,750 |
$45,000 |
$1,050 |
| $961 |
$4,167 |
$50,000 |
$1,167 |
| $1,154 |
$5,000 |
$60,000 |
$1,400 |
| $1,346 |
$5,833 |
$70,000 |
$1,633 |
| $1,538 |
$6,666 |
$80,000 |
$1,866 |
|
|
Lending and Refinancing
|
|
Mortgage Payment Charts
|
|
The charts below, from Citicorp Mortgage, shows what your payments are during 15 years of a 30-year and a
15-year mortgage. |
|
30-Year, $100,000 mortgage at 10 percent interest |
|
| Year |
Interest
Paid |
Principle
Paid |
Balance
Remaining |
|
| Year 1 |
$9,974 |
$555 |
99,444 |
| Year 2 |
$9,916 |
$614 |
$98,830 |
| Year 3 |
$9,852 |
678 |
$ 98,151 |
| Year 4 |
$9,781 |
$749 |
$97,402 |
| Year 5 |
$9,702 |
$827 |
$96,574 |
| Year 6 |
$9,616 |
$914 |
$95,659 |
| Year 7 |
$9,520 |
$1,010 |
$94,649 |
| Year 8 |
$9,414 |
$1,116 |
$93,533 |
| Year 9 |
$9,168 |
$1,232 |
$92,300 |
| Year 10 |
$9,168 |
$1,362 |
$90,938 |
| Year 11 |
$9,026 |
$1,504 |
$89,433 |
| Year 12 |
$8,868 |
$1,662 |
$87,771 |
| Year 13 |
$8,694 |
$1,836 |
$85,935 |
| Year 14 |
$8,502 |
$2,028 |
$83,906 |
| Year 15 |
$8,289 |
$2,241 |
$81,665 |
|
|
15-Year, $100,000 mortgage at 8.37 percent interest |
|
| Year |
Interest
Paid |
Principle
Paid |
Balance
Remaining |
|
| Year 1 |
$8,243 |
$3,485 |
$96,514 |
| Year 2 |
$7,939 |
$3,789 |
$92,724 |
| Year 3 |
$7,609 |
$4,119 |
$ 88,605 |
| Year 4 |
$7,251 |
$4,477 |
$84,127 |
| Year 5 |
$6,861 |
$4,867 |
$79,260 |
| Year 6 |
$6,438 |
$5,291 |
$73,969 |
| Year 7 |
$5,977 |
$5,751 |
$68,217 |
| Year 8 |
$4,932 |
$6,252 |
$61,965 |
| Year 9 |
$4,932 |
$6,796 |
$55,168 |
| Year 10 |
$4,341 |
$7,388 |
$47,780 |
| Year 11 |
$3,697 |
$8,031 |
$39,749 |
| Year 12 |
$2,998 |
$8,730 |
$31,018 |
| Year 13 |
$2,239 |
$9,490 |
$21,528 |
| Year 14 |
$1,413 |
$10,316 |
$11,212 |
| Year 15 |
$515 |
$11,212 |
$0 |
|
|
|