Financing Scenario Coventry Rhode Island Property Price $ 375,000 |
This Coventry Rhode Island home, priced at $ 375,000, could be purchased using the financing scenarios covered here. See Home Sales RI Current Listings for details on this and other real estate opportunities in Rhode Island. |
The below sample scenarios consider a 30 year fixed interest rate conventional home loan for a person with a minimum FICO Score of 620. Interest rates fluctuate daily, if not more often than that, however for this example we have used an interest rate of 6% for the 1st mortgage and a 7.5% interest rate for the 2nd mortgage. We avoid having to pay PMI (Private Mortgage Insurance) by splitting the financing into two separate loans so that the first does not exceed 80% of the total loan financing the home purchase. We placed a smaller 2nd mortgage to cover the remaining 20% of the total loan amount. Deduct interest payments from your taxable income on your IRS tax return. We created three financing scenarios: 1) with a 20% cash deposit by the home buyer 2) with a 5% cash deposit by the home buyer, and 3) for a zero down 100% financing of the total purchase price of the home. |
Home Purchase Amount
$ 375,000 |
| Deposit % |
Deposit $ |
1st Loan Amount |
2nd Loan Amount |
1st Loan Pmt |
2nd Loan Pmt |
Total Monthly Payment |
Loan Program Type |
| ........... |
........... |
........... |
........... |
........... |
........... |
........... |
........... |
| 20% |
$ 75,000 |
$ 300,000 |
0 |
$ 2,445.37 |
0 |
$ 2,445.34 |
80/20 |
| ........... |
........... |
........... |
........... |
........... |
........... |
........... |
........... |
| 5% |
$ 18,750 |
$ 300,000 |
$ 56,250 |
$ 2,445.37 |
$ 402.87 |
$ 2,848.24 |
80/15/5 |
| ........... |
........... |
........... |
........... |
........... |
........... |
........... |
........... |
| 0% |
0 |
$ 300,000 |
$ 75,000 |
$ 2,445.37 |
$ 535.72 |
$ 2,981.09 |
80/20 |
|
These samples are examples of various home loan financing options, and are created for your convenience and for information, and do not reflect specific loans for specific people or groups of people. These loan examples do not necessarily indicate your approval or qualification for this type of financing. Mortgage rates change frequently, and are individually determined for each lender, based on the borrower, property, region, credit risk, and other factors. To customize a financing solution for your particular purposes, try our mortgage calculators for a general indication of the costs and benefits of financing your home purchase, or call us at 401-293-0631 for a consultation with a personal mortgage loan officer. Contact us by email here. |
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