Net Present value Analysis
Prepared for: John DiMaggio
Print Date: Tuesday, June 30, 2009
Borrower's Current Mortgage/Modified Mortgage
|
Mortgage Feature |
Current Loan Data |
Home Affordable Modification Terms | ||
|
Monthly Principal & Interest Payment |
$1,988.57 |
$1,291.63 | ||
|
Mortgage Term |
305 months |
425 months | ||
|
Interest Rate |
5.778% |
3.50% with a Step Rate Feature to 5.25% | ||
|
Months |
Interest Rate |
P&I Payment | ||
|
1-60 |
2.00% |
$1,035.00 $1,182.42 $1,336.35 $1,495.70 | ||
|
Total Unpaid Principal Balance |
376,500.00 |
$393,103.00 | ||
|
Principal Forbearance |
$0.00 |
$78,103.47 | ||
For the first 5-years of Borrower's modified mortgage, the interest rate will be 2.00%. Beginning with the sixth year (month 61), the modified interest rate will then increase annually by 1.00%, until the interest rate reaches the Interest Rate Cap of 5.00%. Thereafter, the 5.00% Interest Rate Cap remains fixed for the reminder of the modified mortgage term.
To determine Borrower's debt payment-to-income ratio, the Servicer uses the sum of the following monthly expense information divided by the gross monthly income of $6,000:
|
New Monthly Principal & Interest Payment = |
$1,291.63 |
|
Real Estate Tax, Insurance and HOA fee monthly payment = |
$ 485.00 |
|
Monthly Liabilities = |
$2,000.00 |
|
| |
|
Debt payment-to-income ratio = 94% | |
If Borrower's new debt payment-to-income ratio exceeds 55%, HUD-approved credit counseling is required.