Question
Down payment = $180,000 House value (offered accepted) = $680,000 Appraisal = $600,000 Variable monthly mortgage with a term of 5 years, amortized over 25
Down payment = $180,000
House value (offered accepted) = $680,000
Appraisal = $600,000
Variable monthly mortgage with a term of 5 years, amortized over 25 years, compounded semi-annually
Rate = 50 bps below prime. (Prime rate = 2.45%)
Gross income = $100,000
Monthly car payment of $800/month
On the last lawsuit, one spouse was judged to owe the plaintiff $10,000. As part of the judgement agreement, it has been agreed the $10,000 can be paid with monthly instalments of $500. These payments will end the beginning of 2023
Calculate the Gross Debt Service ratio (GDS)? (Please show calculations using Excel)
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