Payment Determination Worksheet

1.      Purchase Price $ ______________

2.      Plus Closing Costs $____________

3.      (Minus) Downpayment $__________

4.      Equals Loan Amount $__________

5.      Divide 4 (Loan Amount) by 1,000 ____

6.      Multiply (5) by 10.5 to Estimate Total Housing Cost, which includes Loan Payment, Taxes & Insurance (based on assumptions below)  ______________

Payment Estimation Assumptions:

7.50 % Interest Rate

1,600 Annual Real Estate Taxes

            $300 Annual Home Insurance

            30 Year Loan Term

Affordability Worksheet

1.      Gross Monthly Income

a.       First Applicant  __________

b.      2^nd Applicant  ___________

c.       Other Mo. Income ________

d.      Total Income_____________

2.      Total Payment (6) Above ___________

3.      %  PITA = 2 divided by 1 d. above _________% of Total Housing Costs to Income.  Should not exceed 28% to 29%, depending on loan program.

4.      Total Monthly Payment Amounts

a)      Total Housing Cost (Line 2 amount) $______________

b)     Other Monthly Credit Payment Amounts      $______________

c)      Equals Total of All Payments

      $_______________

5.      % MOTI = 4 c. above divided by 1 d above.    __________ %  Percent of Total Payments to Monthly Income Amount.  This amount should not exceed 36% for most loan programs and; 41% for Rural Housing Loan Programs.

Free Home Buyer Computer Analysis…

Bring us your application and State Bank of Niantic will complete a custom analysis of your home loan situation based on information you provide.   The process can be completed in a few minutes and has proven to be an important first step in obtaining a home loan.

With our Home Loan Analysis completed you can proceed with confidence to seek your new home as a “qualified potential buyer”.

An Equal Opportunity Lender

Web Page RE Rev  11/2001