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					Home Equity Line Qualification
Assumptions
Borrower's Gross Monthly Income Maximum % of Home Value Bank Will Lend Minimum Monthly Payment as a % of Line Bank's Total Expenses (Affordability) Ratio Value of Home $120,000 80% 10.00% 28% $300,000

First Mortgage Information
First Mortgage Balance Monthly Payment Property Taxes (annual) Homeowner's Insurance (annual) $120,000 $750 $2,000 $800 Current Balance $5,000 3,000 3,000 5,000 6,000 6,000 10,000 5,000 7,000 $50,000 Monthly Payment $200 120 99 130 120 90 120 110 140 $1,129

Other Consumer Debts
Auto Loans Education Loans Personal Installment Loans Home Improvement Loans Other Installment Loans Credit Cards Loans on life insurance Margin loan from broker Other loans Totals

Analysis
Home Equity Maximum Credit Line (without regard to affordability) Affordable Total Monthly Payments Credit Line You Qualify For $180,000 $120,000 $33,600 $120,000

Ultimate Loan Calculator by KMT Software, Inc.


				
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posted:2/13/2009
language:English
pages:1