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Chicagoland2to4Flats.info: NON OWNER-OCCUPIED Worksheet
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Specific
Property Data
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Address:
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Purchase Amount:
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Taxes:
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Rent (highest
1st):
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#1:
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#2:
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#3:
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#4:
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Income/Expense
Data
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Prequalified
Monthly payment (by the 36/42 Rule *)
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Salary 1 (annual)
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Salary 2 (annual)
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Monthly Salary
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$8,333
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Monthly Salary
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$8,333
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Total Salary (annual)
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$100,000
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Rent Added as
Income
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$2,138
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Rent Added as Income
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$2,138
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Salary on MONTHLY basis
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$8,333
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Max PITI allowed
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$3,770
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Other Monthly Debt
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$-1,000
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Total MONTHLY Debt
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Max PITI allowed
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$3,978
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% of Rent added as income
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* The 36/42 Rule assumes your lender will
allow 36% of your income without debt or 42% with debt
(whichever is less) and will count 75% of the rent you expect to collect as
income.
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Financing
and Insurance Data
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Prequalified Maximum Monthly Payment:
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$3,770
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Down Payment % from cash
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YRS amortization for 1st mtg
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Summary -
Mortgage & Cash
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Prepopulated
values and formulas are for
illustration purposes only; consult mortgage, accounting, and insurance
professionals to set this worksheet up in a way that reflects your own
situation.
We thank A and N Mortgages
Services, Inc for providing current rate information. A and N Mortgage
Services, Inc is an Ill. Mortgage Licensee at 1535 N Dayton, Chicago, IL
60622; please contact Susie Cohn
(phone: 312-543-2438).
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INTEREST RATE for 1st mtg
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%
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CASH for Down Payment
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$37,500
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5.20
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Closing Costs
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$7,113
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Second mtge % (5%, 10%, etc.)
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10.00%
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Cash for fix-up/reserve
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YRS amortization for 2nd
mtge?
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Amount of 1st Mortgage
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$300,000
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INTEREST RATE for 2nd
mtge?
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%
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Amount of 2nd Mortgage
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$37,500
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6.00
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5.41
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Insurance ANNUALLY
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Monthly
Payment
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For insurance, $1,800 is the preloaded
figure, but this will vary enormously by location, size, etc..
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Monthly payment- 1st Mortgage
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$1,560.00
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Monthly Payment - 2nd Mortgage
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$202.88
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PMI (if necessary)
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Closing
Costs / Cash Items
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Monthly Taxes
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$233.33
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Closing Cost
estimate*
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$5,313
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Monthly Insurance
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$150.00
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1st yr
Insurance (pd at closing)
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$1,800
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Total Monthly
Payment
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$2,146.21
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Total due at closing
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$7,113
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Total
Cash Required at Closing:
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$44,613
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Closing
costs include Cook County transfer tax (.0075%) plus $2500.00 for bank fees,
attorney, inspection, etc. Depreciation is for 27.5 years and assumes no
adjustments other than closing costs, that 80% of the value is the building.
Projected Tax Savings adds depreciation and an estimate of net income/loss
and assumes a top federal bracket of 35% plus 3% for state.
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Do you qualify?
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Yes, by $1623.29/mo.
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Total Rent
Potential:
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$2,850
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Total Monthly Mortgage Payment:
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$2,146
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Rental Value (all units) vs. monthly payment:
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Plus
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$704
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Depreciation
$/yr
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Tax
Savings/yr
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Sample
annual gross depreciation amount
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Sample net
possible income tax savings
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$11,168
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$2,711
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© 2004.
All Rights Reserved. This worksheet is for the personal use of members of the
Buyers Club of Chicagoland2to4flats.info and may not be otherwise used or
distributed without written permission of Chicagoland2to4flats.
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