2010FallNOH_reps

Estimating Cost Worksheet

How much can I afford?

Preferred Capital Mortgage Services, an affiliate of American Home Bank, specializes in construction to permanent lending for log homes. Our knowledge, focus and understanding can help people overcome many of the common stumbling blocks they may experience with lenders who are not familiar with log homes or the unique construction loan requirements. Preferred Capital Mortgage Services
Approximate Square Footage of your Dream Home      
Square footage amounts range from $125-$150. We used $135 here, but the final cost of your project may vary from that amount. This cost does not include land or allowance for site improvements.
   sq. ft.
Your Approximate Cost:
Land      
If you own property that is paid in full, enter a zero.
If you still owe money on the property, enter the amount owed here.
If you need to purchase property enter the estimated cost here.		   $
Equity and Savings      
If you are planning on using money from the sale of an existing property and/or savings enter that amount here.   $
Mortgage Amount Needed:
Combined Gross Monthly Income      
In this calculation, the assumption has been made that the maximum mortgage payment is 30% of the family income, which is a rule of thumb in the banking industry. The banking industry also uses a secondary formula for total debt. Please contact your financial institution for guidance.
   $  
Amount you wish to Borrow      
Enter the amount from Mortgage Amount or you can override theamount if you have equity from any other sources.   $  
Term of Loan in Years   years
Interest Rate   %
Enter the interest rate as a whole number. (example: 7.25)      
Your Monthly Payment: