Donald ThompsonIt concerns alimony that you pay to your ex-partner. Alimony for your children is not important for the maximum mortgage calculation. Of course it is important for the question how much you can pay on your mortgage.
You pay this if you buy a house where the land is and remains someone else’s. You pay a ground rent for this, a kind of rent of the land. The use of the llc tax calculator is there for the proper tax calculation.
Impact of credit and loan
With these loan types, your actual monthly payment is usually not taken into account. This is recalculated with a fixed percentage of 2% of the credit limit or initial debt. The calculated monthly payment reduces your maximum mortgage payment.
Example impact credit and personal loan
Suppose your gross income is $ 30,000 per year and that the housing ratio for this income is 30%. Then your maximum gross mortgage burden per year is: $ 30,000 x 30% = $ 9,000. That is $ 750 per month. You may therefore pay a maximum of interest and repayment per month. Your maximum mortgage is calculated with that maximum housing cost.
Suppose you have a revolving credit of $ 3,000. Then it does not look at what you pay for it. Your monthly charge will be recalculated to 2% of $ 3,000 = $ 60. This lowers your maximum mortgage charge per month to $ 750 – $ 60 = $ 690. This reduction means that your maximum mortgage is lower.
Influence of student debt
Also with this loan form, it is usually not considered what you actually pay per month on your study debt. Your monthly payment is recalculated with a fixed percentage of 0.75% or 0.45% of the initial debt. That monthly charge reduces the maximum amount that you may have as a mortgage charge.
Example of impact on student debt
Suppose your gross income is $ 30,000 per year and that the housing ratio for this income is 30%. Then your maximum gross mortgage burden per year is: $ 30,000 x 30% = $ 9,000. That is $ 750 per month. You may therefore pay a maximum of interest and repayment per month. Your maximum mortgage is calculated with this maximum gross housing cost.
Suppose you have a student debt of $ 6,000. Then your monthly costs will not be considered. This is recalculated to 0.75% of $ 6,000 = $ 45. This lowers your maximum mortgage burden to $ 750 – $ 45 = $ 705. Your maximum mortgage is calculated on that basis. Because of this reduction, your maximum mortgage is lower.
If your student loan started after September 1, 2015, the monthly charge will be recalculated by 0.45% from $ 6,000 = $ 27. This reduces your maximum mortgage burden to $ 750 – $ 27 = $ 723. So a student loan after September 1, 2015 has slightly less influence on your maximum mortgage.
Initial debt or current debt?
In principle, the initial debt of your student loan is considered and not your current debt. In certain cases you can assume a lower amount. You must then repay part of your student loan and ask DUO to recalculate your monthly payment. In that case, the initial debt is calculated less the amount repaid.
Influence of alimony
Only the alimony that you pay to your ex-partner is important for the calculation of your maximum mortgage. The alimony is deducted from your test income, not from your maximum mortgage burden, such as with loans and loans.
