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{"sheet":"Qualification Worksheet","index":0,"n_rows":39,"n_cols":7,"rows_kept":39,"merged":[[6,5,12,6],[13,1,13,3],[17,5,22,6],[23,1,23,3],[38,1,40,3]]}
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[null,"MORTGAGE"]
[null,"QUALIFICATION"]
[null,"WORKSHEET"]
[]
[]
[null,"INCOME","ANNUAL","MONTHLY",null,"\nThe first qualifying number (LEFT) calculates your maximum monthly payment, assuming you have no long-term debt.  It is computed by multiplying your total income by your Housing Cost Ratio and dividing the result by 12."]
[null,"Salary or wages",{"v":65000,"d":"$65,000.00"},{"$f":"IFERROR(C8/12,0)","v":{"v":5416.666666666667,"d":"$5,416.67"}}]
[null,"Other salary or wages",null,{"v":0,"d":"$0.00"}]
[null,"Rental income",null,{"v":0,"d":"$0.00"}]
[null,"Investment income",{"v":250,"d":"$250.00"},{"v":20.833333333333332,"d":"$20.83"}]
[null,"Additional income",null,{"v":0,"d":"$0.00"}]
[null,"Total",{"$f":"SUM(Income[ANNUAL])","v":{"v":65250,"d":"$65,250.00"}},{"$f":"SUM(Income[MONTHLY])","v":{"v":5437.5,"d":"$5,437.50"}}]
[]
[null,"First qualifying number",{"$f":"HousingCostRatio*SUM(Income[ANNUAL])","v":{"v":18270,"d":"$18,270.00"}},{"$f":"C15/12","v":{"v":1522.5,"d":"$1,522.50"}},null,"Housing Cost Ratio ",0.28]
[]
[]
[null,"LONG-TERM DEBTS","ANNUAL","MONTHLY",null,"\nThe second qualifying number takes into account your monthly debt payments, applying your Total Debt Service Ratio.  Mortgage companies usually qualify you for monthly payments that are no higher than the lesser of the two results."]
[null,"Car loan payments",{"$f":"IF(D19,D19*12,0)","v":{"v":3000,"d":"$3,000.00"}},{"v":250,"d":"$250.00"}]
[null,"Credit card payments",{"$f":"IF(D20,D20*12,0)","v":{"v":2400,"d":"$2,400.00"}},{"v":200,"d":"$200.00"}]
[null,"Other loan payment",{"$f":"IF(D21,D21*12,0)","v":{"v":0,"d":"$0.00"}}]
[null,"Other loan payment",{"$f":"IF(D22,D22*12,0)","v":{"v":0,"d":"$0.00"}}]
[null,"Total",{"$f":"SUM(Debts[ANNUAL])","v":{"v":5400,"d":"$5,400.00"}},{"$f":"SUM(Debts[MONTHLY])","v":{"v":450,"d":"$450.00"}}]
[]
[null,"Second Qualifying Number",{"$f":"DebtServiceRatio*SUM(Income[ANNUAL])","v":{"v":23490,"d":"$23,490.00"}},{"$f":"MIN(C25/12-SUM(Debts[MONTHLY]),C25/12)","v":{"v":1507.5,"d":"$1,507.50"}},null,"Total debt service ratio ",0.36]
[]
[]
[null,null,"You may qualify for monthly payments of",{"$f":"MIN(D15,D25)","v":{"v":1507.5,"d":"$1,507.50"}}]
[null,null,"Estimated monthly escrow payment ",100]
[null,null,"Homeowner's insurance, if applicable ",75]
[null,null,"Homeowner's dues and other fees, if any ",125]
[null,null,"Annual interest rate (e.g., 7.125) ",8.25]
[null,null,"Duration of loan (in years) ",30]
[null,null,"Monthly principal + interest payment ",{"$f":"IF(SecondQN,SecondQN-SUM(D29:D31),\"\")","v":{"v":1207.5,"d":"$1,207.50"}}]
[]
[null,null,"Maximum loan amount",{"$f":"IF((MonthlyPaymentMax*AnnualInterestRate*Duration),PV(AnnualInterestRate/100/12,Duration*12,-MPIP),\"\")","v":{"v":160728.56073849232,"d":"$160,728.56"}}]
[]
[]
[null,"Important: This worksheet provides a rough estimate for conventional, fixed-term mortgages. Loan terms vary depending on type of mortgage and lender policies. Consult a professional lender for exact data.\n"]