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HOMEOWNERSHIP AFFORDABILITY ANALYSIS <br /> Carr Court Homeownership Project <br /> Median Income 41,800 Number in Family 3� <br /> Your income is 49.8 % of Median <br /> 1 Cost of House 70,000 <br /> 2 Buyer Contribution/Downpayment 500 plus prepaids <br /> 3 Second Mortgage 16,833 <br /> 5 First Mortgage Needed 52,667 <br /> 6 Interest Rate 7.50% <br /> 7 Term 30 years <br /> 8 Mortgage P+I 368 368 <br /> 9 Plus Taxes/Insurance 120 120 <br /> 10 Plus Private Mortgage Insurance 0 0 <br /> 11 Plus Homeowners Assn. Dues 25 25 <br /> 12 Plus Other Debts 200 0 <br /> 13 Available for Total Debt 713 513 <br /> 14 Divided by Debt/income Ratios 0.40 0.33 <br /> 15 Effective Monthly Income Needed 1,783 1,555 <br /> 16 Less MCC (49) (49) <br /> 17 Actual Monthly Income Needed 1,734 1,506 <br /> 18 Annual Income Needed 20,80 18,071 <br /> MONTHLY PAYMENT SUMMARY <br /> Principal + Interest 368 <br /> Taxes 74 <br /> Insurance 17 <br /> Homeowners Association Dues 25 <br /> Private Mortgage Insurance 0 <br /> Total Monthly Payment 484 <br /> Loan-to-Value Ratio 0.75 <br />