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Mortgage Calculator by @ MsGillyJ
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www.financialcentsibliity.comLast updated:September 28, 2023
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Go To 'File' and 'Download as' to make changes to the sheet
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Select Single or Joint:Single
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Enter Weekly Income Band:Over $100,000
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With NHTWithout NHT
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Sale Amount25,000,000.00Sale Amount25,000,000.00
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90% Financing - Amount to Pay Down (10%)
2,500,000.00
90% Financing - Amount to Pay Down (10%)
2,500,000.00
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Amount to Borrow22,500,000.00Amount to Borrow22,500,000.00
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NHT7,500,000.00* See note
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Interest Rate5.00%
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Years :30
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Monthly Payment40,261.62
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Bank Loan Amount:15,000,000.00Bank Loan Amount:22,500,000.00
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Interest Rate8.00%* See noteInterest Rate8.00%* See note
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Years :30Years :30
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Monthly Payment110,064.69Monthly Payment165,097.03
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TOTAL MONTHLY PAYMENTS150,326.31**TOTAL MONTHLY PAYMENTS165,097.03**
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Note:CLICK Amortization Schedule sheet to see your monthly payments over 30 years and how much you will pay towards principal and interest over time.
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For NHT
Maximum Effective March 17, 2023:
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Single ApplicantJoint ApplicantsThree Applicants
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- New Housing Developments$7.5 M @ 4%$15 M @ 4%$21 M @ 4%
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- House price is $12M or less$8.5 M @ 4%
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- Otherwise$5.5M @ 4%
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Visit https://www.nht.gov.jm/loans/affordability for updated information
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For Bank Loan
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- Interest Rates may vary
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- The period for repayment may be shorter or longer than 30 years.
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- The downpayment required may be more or less than 10%
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(adjust all accordingly after discussions with your mortgage officer)
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** THIS DOES NOT INCLUDE FEES OR INSURANCE ASSOCIATED WITH A MORTGAGE. SEE 3rd SPREADSHEET ON FEES:
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House Purchase Fees
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Email: financialcentsibility@gmail.com
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www.financialcentsibility.com
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Twitter: @MsGillyJ
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https://jis.gov.jm/media/2023/03/FINAL-PMS-SPEECH.pdf
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Income BandInterest Rate
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Over $100,000 5%
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$42,001 - $100,000.994%
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$30,001 - $42,000.992%
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less than $30,0010%
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