HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $340,000 HOME?

@realmortgagementor

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Promoted product

E Mortgage Capital Inc.

Why it worked

The video provides a clear and concise breakdown of mortgage affordability, addressing a common financial concern for potential homebuyers. The use of on-screen text and a step-by-step calculation makes the information easy to follow and digest.

Summary

This video explains the income required to afford a $340,000 home purchase using a conventional loan with 3% down. It breaks down the down payment, estimated closing costs, and the total monthly payment including principal, interest, taxes, insurance, and mortgage insurance.

Structure

1Introduce the home price and loan type
2Calculate down payment and closing costs
3Determine total cash needed to close
4Break down the monthly payment (PITI + MI)
5State the required income for qualification

Product placement

E Mortgage Capital Inc. (ACTS - it is the entity providing the mortgage information and likely the service being promoted; removing it would change the context of the advice) NMLS 1439141 (APPEARS - regulatory identifier for E Mortgage Capital Inc.; removing it would not change what happens in the video)

Call to action

Send me a DM if you like my scenario

Original caption

How much do you need to make to a $340,000 home? - #realestate #mortgage #mortgagetips #homebuyer #homeownership - E Mortgage Capital Inc. NMLS 1439141

More from @realmortgagementor

On-screen text

HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $340,000 HOME? Let's dive at $340,000 340,000 Purchase 10,200 D.P. (3%) 12,000 C to C 22,200 PITI MI .41% $2,724 $6,055 you'd scenario

Transcript

Here's how much you need to make to afford a $340,000 home purchase. Let's dive. We're at 340 and I always love to look at home ready home possible. But let's run this as home one. So let's plug in $340,000 purchase. And with this conventional loan, we can get away with just 3% down. So less than the minimum down is 10,200 for FHA. And closing costs estimated to be, to be on the safe side at $12,000. However, this will vary based off the time you purchase the county you purchase in. And let's assume the seller any costs. We are going to have to bring in $22,200 cash to close. This is going to be our cash to close breakdown. Payment. Principal, interest, taxes, insurance. This is home doing 3% down. There is mortgage insurance, low, the good of .41% Our total payment though ends up being $2,724 for month. Now to qualify for home one, we just have to have a 45% income or less. So if we assume no debt to be at least $6,055 a month and we will be approved for this loan. Send me a DM if you like my scenario.