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Opal Lee Housing Affordability and mortgage qualification amount. I need help with the EXCEL FORMULAS for number 45 how did the $1000 come about, number 47, how did they get 90%? What formula was used?, lastly what formula was used for number 48? Opal Lee Housing Affordability and Mortgage Qualification Amount 23 December 31, 2021 Input Area 6 Gross Income for Year: Months in the year Down Payment % 10 Lenders percentage of gross income Debt payments e.g. payments on an auto loan 12 Estimate of the monthly costs of property taxes and homeowner's insurance 13 Amount used to have down payment % to be subtracted from 15 Term of Loan 16 Current Mortgage Rate Scenario A Scenario B $48,000 $48,000 12 17 10% 888 380 300 300 100% 30 5.0% 1830 Years 2 19 25 Years 20 20 Years 4 21 15 Years 5 22 03 Mortgage Payment Factors (Principal and Interest factors per $1,000 of Loan Amount Term Rate 30 Years 25 Years 20 Years 15 Years 3.0% $4.22 4.74 5.55 6.91 3.5% 4.49 5.01 5.80 7.15 4.0% 4.77 5.28 6.06 7.40 4.5% 5.07 5.56 6.33 7.65 5.0% 5.37 5.85 6.60 7.91 5.5% 5.68 6.14 6.88 8.17 6.0% 6.00 6.44 7.16 8.44 6.5% 6.32 6.75 7.46 8.71 7.0% 6.64 7.07 7.75 8.99 7.5% 6.99 7.39 8.06 8.0% 7.34 7.72 8.36 9.56 Impact Area Determine monthly gross income $4,000 $4,000 Down Payment % if applicable and Lenders % of gross income 38% 33% $1,520 1,320 VLOOKUP(B16A24:E35, B18 subtract other debt payments 380 insurance 300 300 Affordable month mortgage 840 1,020 mortgage payment by monthly mortgage payment per $1,000 5.37 5.37 Multiply by Factor per $1,000 $1,000 Affordable Mortgage amount $156,425 $189,944 Divide your affordable mortgage payment by 1 minus the fractional down payment 90% 90% Affordable home purchase price is affordable mortgage amount by previous step $17306 $21104 Affordable monthly mortgage payment and divide monthly mortgage payment by monthly mortgage payment per $1,000 and Multiply by $1,000 cell, Created by Student's Name 6/19/2021 22:15 CUsers icassiojoDocumentsWCCC-FIN155-Personal FinanceExcel AssignmentsExcel Housing Affordability

          Opal Lee Housing Affordability and mortgage qualification amount.

I need help with the EXCEL FORMULAS for number 45 how did the $1000 come about, number 47, how did they get 90%? What formula was used?, lastly what formula was used for number 48?

Opal Lee Housing Affordability and Mortgage Qualification Amount 23 December 31, 2021 

Input Area 
6 Gross Income for Year: Months in the year 
Down Payment % 10 Lenders percentage of gross income 
Debt payments e.g. payments on an auto loan 
12 Estimate of the monthly costs of property taxes and homeowner's insurance 
13 Amount used to have down payment % to be subtracted from 
15 Term of Loan 
16 Current Mortgage Rate 

Scenario A Scenario B 
$48,000 $48,000 
12 17 
10% 888 
380 300 300 
100% 30 5.0% 
1830 Years 2 19 25 Years 20 20 Years 4 21 15 Years 5 22 03 

Mortgage Payment Factors (Principal and Interest factors per $1,000 of Loan Amount 
Term Rate 
30 Years 25 Years 20 Years 15 Years 
3.0% $4.22 4.74 5.55 6.91 
3.5% 4.49 5.01 5.80 7.15 
4.0% 4.77 5.28 6.06 7.40 
4.5% 5.07 5.56 6.33 7.65 
5.0% 5.37 5.85 6.60 7.91 
5.5% 5.68 6.14 6.88 8.17 
6.0% 6.00 6.44 7.16 8.44 
6.5% 6.32 6.75 7.46 8.71 
7.0% 6.64 7.07 7.75 8.99 
7.5% 6.99 7.39 8.06 
8.0% 7.34 7.72 8.36 9.56 

Impact Area 
Determine monthly gross income $4,000 $4,000 
Down Payment % if applicable and Lenders % of gross income 38% 33% 
$1,520 1,320 
VLOOKUP(B16A24:E35, B18 subtract other debt payments 380 insurance 300 300 
Affordable month mortgage 840 1,020 mortgage payment by monthly mortgage payment per $1,000 5.37 5.37 
Multiply by Factor per $1,000 $1,000 
Affordable Mortgage amount $156,425 $189,944 
Divide your affordable mortgage payment by 1 minus the fractional down payment 90% 90% 
Affordable home purchase price is affordable mortgage amount by previous step $17306 $21104 

Affordable monthly mortgage payment and divide monthly mortgage payment by monthly mortgage payment per $1,000 and Multiply by $1,000 cell, 

Created by Student's Name 6/19/2021 22:15 CUsers
icassiojoDocumentsWCCC-FIN155-Personal FinanceExcel AssignmentsExcel Housing Affordability

opal lee housing affordability and mortgage qualification amount i need help with the excel formulas for number 45 how did the 1000 come about number 47 how did they get 90 what formula was 76383

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