National Association of Mortgage Planners
Here is what it really cost Bob and Sally
| A | B | C | |
|---|---|---|---|
| Purchase Price | $100,000 | $90,000 | $90,000 |
| Market Value | $90,000 | $90,000 | $90,000 |
| Mortgage Amount | $90,000 | $81,000 | $81,000 |
| Cash Down | $10,000 | $9,000 | $9,000 |
| Equity at Purchase | ($10,000) (loss) | $9,000 | $9,000 |
| Mortgage Terms | 30 yrs | 30 yrs | 30 yrs |
| Interest Rate | 8% | 8% | 7.75% |
| Monthly Principle & Interest | $660.39 | $594.35 | $580.29 |
| Cash Down Savings | $1,000 | $1,000 | |
| Monthly Savings | $66.04 | $80.10 |
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