Sample Mortgage

A first time home buyer purchases a home for $400,000 at a 4.75% interest rate. They receive a 30 year FHA loan for 95% of the purchase price, as well as accessing $40,000 for the solar power system installation. The homeowner is spending $375 per month in electric bills. After the loan closed:

• Total loan amount increased to $420,000
• The monthly mortgage payment increased by $208

In the end,

• Total monthly utility bill savings = $350 or $4,200 per year

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