Real Estate Financing Assignment

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RealEstate Financing Assignment

RealEstate Financing Assignment

Theproperty I want to buy is located in upper Manhattan aroundAmsterdam. It is a three bedroom renovated apartment which is wasbuilt in 1926. This overall price of the house stands at $ 280,000.This property has three beds, one bathroom and has a space of 960square feet. The full location of the apartment is “454W 152nd St Apt 51”.Additionally,the apartment is surrounded by various shops and supermarkets aroundit such as the Bravo and Food town supermarkets. It takes a twentyminutes’ drive to reach mid-town of Manhattan from this location(Elliman,2016).For the purposes of financing, the individuals who are eligible toown this property though mortgage financing are those who have anincome of $83,800 for one person and $ 93,500 for two people. On theaccount of monthly payment there are five sets of payments that onewould be required to submit while acquiring the property throughmortgage. The first payment is the principal interest which is set tobe $ 1,012 paid monthly. The calculation is done based on theinterest rate of 3.55% per annum (Elliman,2016).Additionally, the property taxes are to be paid totaling to $ 287 ina month. Another set of payment is the home insurance fee which is $97 also paid monthly. At the point of initial acquisition of thehouse, a down payment of 20% should be remitted as a show ofcommitment to pay. This amount is calculated to be $ 56,000. Themonthly maintenance fee is set be $62 while the private mortgageinsurance is set to be $ 40. The total monthly deduction therefore isdeemed to be $1,498 which includes all the costs discussed above(Elliman,2016).

References

Elliman,D., Mr. (2016, October 6). FindReal Estate, Homes for Sale, Apartments &amp Houses for Rent– realtor.com®. Retrieved October 10, 2016, fromhttp://www.realtor.com/realestateandhomes-detail/454-W-152nd-St-Apt-51_New-York_NY_10031_M36069-73154

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