| $8000 Tax Credit | Deadline April 30th- Close by June30th | No Tax Credit | |||
| $300,000 Purchase Price | |||||
| $10,500 | Down Payment | $10,500 | |||
| $289,500 | Base Loan Amount | $289,500 | |||
| $5,066 | Upfront Mortgage Insurance | + $1,488 = $6,514 | |||
| $294,566 | Loan Amount | $296,014 | |||
| $1,626 | 30 Yr Fixed Payment @ *5.25% FHA | + $9 = $1,635 | |||
| $ 123 | Monthly Mortgage Insurance | $123 | |||
| $1,749 | Principal, Interest & Mortgage Ins. | $1,758 | |||
| $1457 Additional Cost | |||||
| Your buy now benefit | |||||
| $8000 *Tax Credit + $1,457 M.I. Savings = $9,457 | |||||
| * Requires explanation | |||||
| *APR 5.422% | |||||
| After Tax Payment | |||||
| Principal, Int. & M.I. $1,749 | Annual Int $15,366 | ||||
| Tax $ 275 | Annual M.I. $1,476 | ||||
| Ins $ 50 | Annual Tax $3,300 | ||||
| Total Payment $2,084 | Tax Savings $20,142 | ||||
| $20,142 @ 20% = $4,028/12 = $336 | |||||
| After Tax Payment | $1749 - $336 = $1413! | ||||
Heather Burns
Home Mortgage Consultant
Wells Fargo Home Mortgage
10900 NE 8th St Suite 1430
Bellevue, WA 98004
(425) 468-8645 Tel
(206) 714-3522 Cell
(866) 496-5671 Fax
Heather.S.Burns@wellsfargo.com
Website: www.wfhm.com/heather-burns2
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