House Payment Calculator

					                                               house price                                $500,000
                                               down payment             20%               $100,000
                                               1st mortgage             80%        6.25% $400,000
                                               2nd mortgage               0%       7.00%        $0
                                               total mortgage                             $400,000
                                               mortgage interest (weighted)        6.25%   $25,000
                                               1st mortgage monthly pmt          30 years   $2,463
                                               2nd mortgage monthly pmt          30 years       $0
                                               total monthly mortgage pmt                   $2,463
                                                                 1 income     2 incomes 2 incomes
gross annual income (a)                                           $100,000 $150,000 $200,000
   401k contribution (max for both@$14k) (b)                         (14,000)    (28,000)  (28,000)
   property tax deduction                                             (5,500)     (5,500)   (5,500)
   mortgage interest deduction                                       (25,000)    (25,000)  (25,000)
   other tax deductions                                              (10,000)    (10,000)  (10,000)
   taxable income                                                     45,500      81,500   131,500
   income tax (c)                          50%                       (22,750)    (40,750)  (65,750)
net usable annual income [(a) minus (b) & (c)]                      $63,250      $81,250 $106,250

Monthly cash flow
Net income (excludes 401k contributions)                               $5,271      $6,771     $8,854
  mortgage/rent payment                                                (2,463)     (2,463)    (2,463)
  utilities (garbage,elec,water,phone,gas)                               (300)       (300)      (300)
  cable tv                                                                (80)        (80)       (80)
  property taxes                           1.1%                          (458)       (458)      (458)
  insurance                                                              (200)       (200)      (200)
  maintenance                                                            (200)       (200)      (200)
  association fees                                                          0           0          0
  gardener                                                                (80)        (80)       (80)
  total monthly housing cash outflow                                  ($3,781)    ($3,781)   ($3,781)

   car payments                                                       ($1,000)    ($1,000)   ($1,000)
   auto insurance                                                        (200)       (200)      (200)
   gasoline*** (see gas cost calculator below)                           (135)       (255)      (255)
   total monthly auto cash outflow                                    ($1,335)    ($1,455)   ($1,455)

  child care                                                               $0          $0         $0
  cell phone                                                              (80)        (80)       (80)
  groceries                                                            (1,000)     (1,000)    (1,000)
  professional subscriptions and dues                                    (100)       (100)      (100)
  student loan                                                              0           0          0
  Total fixed cash outflow (incl housing & car)                       ($6,296)    ($6,416)   ($6,416)
Remaining monthly discretionary cash                                  ($1,025)       $355     $2,438


                                                  *** Gas cost calculation - 1 income
                                                  1st driver
                                                                 Miles to work (1 way)           20
                                                                 Days in office/week              5
                                                                 Total miles (RT) / month       800
                                                  2nd driver
                                                                 Miles to work (1 way)             0
                 Days in office/week            0
                 Total miles (RT) / month       0
Addl miles/month (wknd, etc)                  100
Total miles driven/month                      900
Average mpg                                    20
Price of gas / gallon                       $3.00
Total monthly gas cost                       $135
house price                               $750,000          RENT                   RENT
down payment            20%               $150,000      $3,000/month           $1,500/month
1st mortgage            80%        6.25% $600,000
2nd mortgage              0%       7.00%        $0    assumes you rent         snapshot of
total mortgage                            $600,000    a house instead          current setup
mortgage interest (weighted)       6.25%   $37,500    of buying
1st mortgage monthly pmt         30 years   $3,694
2nd mortgage monthly pmt         30 years       $0
total monthly mortgage pmt                  $3,694
                  1 income    2 incomes 2 incomes         2 incomes              1 income
                   $100,000 $150,000 $200,000                  $150,000              $80,000
                     (14,000)    (28,000)  (28,000)             (28,000)                   0
                      (8,250)     (8,250)   (8,250)                   0                    0
                     (37,500)    (37,500)  (37,500)                   0                    0
                     (10,000)    (10,000)  (10,000)             (10,000)             (10,000)
                      30,250      66,250   116,250              122,000               80,000
                     (15,125)    (33,125)  (58,125)             (61,000) 35%         (28,000)
                     $70,875     $88,875 $113,875               $61,000              $52,000


                     $5,906      $7,406     $9,490               $5,083               $4,333
                     (3,694)     (3,694)    (3,694)              (3,000)              (1,500)
                       (300)       (300)      (300)                (300)                (150)
                        (80)        (80)       (80)                 (80)                 (80)
                       (688)       (688)      (688)                   0                    0
                       (200)       (200)      (200)                   0                    0
                       (200)       (200)      (200)                   0                    0
                          0           0          0                    0                    0
                        (80)        (80)       (80)                   0                    0
                    ($5,242)    ($5,242)   ($5,242)             ($3,380)             ($1,730)

                    ($1,000)    ($1,000)   ($1,000)             ($1,000)             ($1,000)
                       (200)       (200)      (200)                (200)                (200)
                       (135)       (255)      (255)                (255)                (135)
                    ($1,335)    ($1,455)   ($1,455)             ($1,455)             ($1,335)

                         $0          $0         $0                   $0                   $0
                        (80)        (80)       (80)                 (80)                 (80)
                     (1,000)     (1,000)    (1,000)              (1,000)              (1,000)
                       (100)       (100)      (100)                (100)                (100)
                          0           0          0                    0                    0
                    ($7,757)    ($7,877)   ($7,877)             ($6,015)             ($4,245)
                    ($1,851)      ($471)    $1,613                ($932)                 $88


*** Gas cost calculation - 2 incomes
1st driver
                Miles to work (1 way)          20
                Days in office/week             5
                Total miles (RT) / month      800
2nd driver
                Miles to work (1 way)          20
                 Days in office/week            5
                 Total miles (RT) / month     800
Addl miles/month (wknd, etc)                  100
Total miles driven/month                    1,700
Average mpg                                    20
Price of gas / gallon                       $3.00
Total monthly gas cost                       $255

				
DOCUMENT INFO
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posted:9/27/2008
language:English
pages:4
Description: This is an MS Excel document created to calculate the payments a person will be responsible for after the purchase of a home. It is structured for ease of use, all one has to do is plug in the numbers and it will tabulate the proper amounts. This will be helpful for anyone interested in buying a home or simply determining their ability to do so.