Home Ownership Expense Template

Home Ownership Expense Calculator © 2005 Vertex42, LLC v 1.1 Download from Vertex42.com Mortgage Information and Assumptions Purchase Price (Value) 200,000 $ Down Payment 5,000 $ Length of Mortgage (years) 30 Yearly Mortgage Interest Rate 6.50% Yearly Property Tax 1.80% Yearly Homeowners Insurance 0.40% Monthly Private Mortgage Insurance (PMI) 150 $ Yearly Maintenance 700 $ Yearly Improvements 1,300 $ Income Tax Rate 33.0% Monthly Housing Payment Loan Amount 195,000.00 $ Mortgage Payment (PI) $1,232.53 Property Tax (T) $300.00 Insurance (I) $216.67 Monthly Housing Payment (PITI) $1,749.20 Maintenance and Improvements Maintenance $58.33 Improvements $108.33 Monthly Home Ownership Expense $1,915.87 Estimated Tax Adjustment Note: This section only applies if you are itemizing your tax deductions Estimated Monthly Mortgage Interest $1,051.42 Monthly Tax Adjustment $445.97 Monthly Expenses (tax-adjusted) $1,469.90 Note: The calculations in this spreadsheet are only estimates, and we do not guarantee the results. Please consult your financial advisor or lending institution before making any final financial decisions. What home can I afford? First, decide what monthly expense you can afford. Then use goal seek (Tools > Goal Seek...) as shown in the figure below: Make comparisons To compare different scenarios, just copy the range C5:C33 and paste it in D5:D33Amortization Table © 2005 Vertex42, LLC Vertex42.com Loan Amount $195,000 Annual Interest Rate 6.50% Term of Loan (years) 30 Loan Date 4/9/2005 Mortgage Payment $1,232.53 Total Interest Paid 248,711.75 $ Month Due Date Interest Cumulative Interest Principal Cumulative Principal Balance 195,000.00 $ 1 5/9/2005 1,056.25 1,056.25 176.28 176.28 194,823.72 2 6/9/2005 1,055.30 2,111.55 177.24 353.52 194,646.48 3 7/9/2005 1,054.34 3,165.88 178.20 531.72 194,468.28 4 8/9/2005 1,053.37 4,219.25 179.16 710.88 194,289.12 5 9/9/2005 1,052.40 5,271.65 180.13 891.01 194,108.99 6 10/9/2005 1,051.42 6,323.07 181.11 1,072.12 193,927.88 7 11/9/2005 1,050.44 7,373.52 182.09 1,254.21 193,745.79 8 12/9/2005 1,049.46 8,422.97 183.08 1,437.29 193,562.71 9 1/9/2006 1,048.46 9,471.44 184.07 1,621.36 193,378.64 10 2/9/2006 1,047.47 10,518.90 185.06 1,806.42 193,193.58 11 3/9/2006 1,046.47 11,565.37 186.07 1,992.49 193,007.51 12 4/9/2006 1,045.46 12,610.83 187.08 2,179.56 192,820.44 13 5/9/2006 1,044.44 13,655.27 188.09 2,367.65 192,632.35 14 6/9/2006 1,043.43 14,698.70 189.11 2,556.76 192,443.24 15 7/9/2006 1,042.40 15,741.10 190.13 2,746.89 192,253.11 16 8/9/2006 1,041.37 16,782.47 191.16 2,938.05 192,061.95 17 9/9/2006 1,040.34 17,822.80 192.20 3,130.25 191,869.75 18 10/9/2006 1,039.29 18,862.10 193.24 3,323.49 191,676.51 19 11/9/2006 1,038.25 19,900.35 194.28 3,517.77 191,482.23 20 12/9/2006 1,037.20 20,937.54 195.34 3,713.11 191,286.89 21 1/9/2007 1,036.14 21,973.68 196.40 3,909.51 191,090.49 22 2/9/2007 1,035.07 23,008.75 197.46 4,106.97 190,893.03 23 3/9/2007 1,034.00 24,042.76 198.53 4,305.49 190,694.51 24 4/9/2007 1,032.93 25,075.68 199.60 4,505.10 190,494.90 25 5/9/2007 1,031.85 26,107.53 200.69 4,705.78 190,294.22 26 6/9/2007 1,030.76 27,138.29 201.77 4,907.56 190,092.44 27 7/9/2007 1,029.67 28,167.96 202.87 5,110.42 189,889.58 28 8/9/2007 1,028.57 29,196.53 203.96 5,314.39 189,685.61 29 9/9/2007 1,027.46 30,223.99 205.07 5,519.45 189,480.55 30 10/9/2007 1,026.35 31,250.35 206.18 5,725.63 189,274.37 31 11/9/2007 1,025.24 32,275.58 207.30 5,932.93 189,067.07 32 12/9/2007 1,024.11 33,299.69 208.42 6,141.35 188,858.65 33 1/9/2008 1,022.98 34,322.68 209.55 6,350.90 188,649.10 34 2/9/2008 1,021.85 35,344.53 210.68 6,561.58 188,438.42 35 3/9/2008 1,020.71 36,365.24 211.82 6,773.41 188,226.59 36 4/9/2008 1,019.56 37,384.80 212.97 6,986.38 188,013.62 $-$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 0 50 100 150 200 250 300 350 400 Month Loan Balance Cumulative Principal Cumulative Interest