|
This worksheet shows examples of buying a new home under Section
7F
|
Amount borrowed |
$70,000 |
$120,000 |
$170,000 |
|
Term of loan in years |
10 |
15 |
20 |
|
Annual interest rate (monetizing fee) |
5 |
5 |
5 |
|
|
|
|
|
|
Repayment rate $/$/month |
0.010059223 |
0.00716983 |
0.005691773 |
|
Monthly payment on loan |
$704.15 |
$860.38 |
$967.60 |
|
Monthly bank service fee |
$25.00 |
$25.00 |
$25.00 |
|
Actual monthly payment |
$729.15 |
$885.38 |
$992.60 |
|
Total paid including service fees |
$87,497.47 |
$159,368.33 |
$238,224.32 |
|
Cost factor for the loan |
1.250 |
1.328 |
1.401 |
|
Bank profit |
$17,497.47 |
$39,368.33 |
$68,224.32 |
|
Monetization fee excise tax |
$0.00 |
$0.00 |
$0.00 |
|
Total bank profit |
$17,497.47 |
$39,368.33 |
$68,224.32 |
|
Total service fees paid |
$3,000.00 |
$4,500.00 |
$6,000.00 |
|
Average bank profit/month |
$145.81 |
$218.71 |
$284.27 |
|
Principal paid in years |
8.28 |
11.62 |
14.64 |
|