Chicagoland2to4Flats.info: OWNER-OCCUPIED Worksheet                                            
  Specific Property Data  
  Address:    Purchase Amount:  
  Taxes:  Rent (highest 1st):   #1:   #2:   #3:  #4:  
  Income/Expense Data   Prequalified Monthly payment (by the 36/42 Rule *)  
  Salary 1 (annual)             
  Salary 2 (annual)     Monthly Salary   $8,333   Monthly Salary $8,333  
  Total Salary (annual)  $100,000   Rent Added as Income   $938   Rent Added as Income $938  
  Salary on MONTHLY basis  $8,333   Max PITI allowed   $3,338   Other Monthly Debt $-1,000  
  Total MONTHLY Debt            Max PITI allowed $3,474  
  % of Rent added as income       * 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. 		 
         
  Financing and Insurance Data   Prequalified Maximum Monthly Payment: $3,338  
  Down Payment %  from cash         
  YRS amortization for 1st mtg   Summary - Mortgage & Cash   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). 		 
  INTEREST RATE for 1st mtg % CASH for Down Payment   $24,000    
    5.00     Closing Costs   $7,900    
  Second mtge % (5%, 10%, etc.)  15.00%   Cash for fix-up/reserve     
  YRS amortization for 2nd mtge?    Amount of 1st Mortgage   $384,000    
  INTEREST RATE for 2nd mtge?  % Amount of 2nd Mortgage   $72,000    
  6.00 5.83              
  Insurance ANNUALLY    Monthly Payment    
     For insurance, $1,800 is the preloaded figure, but this will vary enormously by location, size, etc..   Monthly payment- 1st Mortgage   $1,920.00    
    Monthly Payment - 2nd Mortgage   $419.76    
          PMI (if necessary)      
  Closing Costs / Cash Items   Monthly Taxes   $366.67    
  Closing Cost estimate*  $6,100   Monthly Insurance   $150.00    
  1st yr Insurance (pd at closing)  $1,800   Total Monthly Payment   $2,856.43    
  Total due at closing $7,900                
  Total Cash Required at Closing:        $31,900   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, and that the space you occupy is proportional to the other units. Projected Tax Savings adds depreciation and an estimate of net income/loss and assumes a top federal bracket of 35% plus 3% for state.  
  Do you qualify? Yes, by $481.07/mo.    
             
    Total Rent Potential:   $2,700    
  Total Monthly Mortgage Payment:   $2,856    
  Rental Value (all units) vs. monthly payment:   Minus $-156    
             
  Depreciation $/yr   Tax Savings/yr    
  Sample annual gross depreciation amount   Sample net possible income tax savings    
  $6,752   $10,190    
       
       
  © 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.