Purchase price of 2-bedroom home............................$65,000.00
Required cash from buyer........................................................... $1,000.00
Madison County loan/grant......................................................... $3,000.00
IDA "Smart Move" grant...............................................................$6,000.00
Total "Up-Front" money..............................................................$10,000.00
Loan amount.............................................................................$55,000.00
Monthly payments (Assuming 5% interest & 30-year amoritization.................................................................................$290.00
Rent proceeds from one renter (per month)......................................$699.00
House Payments..........................................................................$290.00
Utilities (Monthly; Estimated).........................................................$120.00
Total Monthly Payments................................................................$410.00
You get to keep this much each and every month...................$289.00
Purchase price of 3-bedroom home............................$79,000.00
Required cash from buyer........................................................... $1,000.00
Madison County loan/grant......................................................... $3,000.00
IDA "Smart Move" grant...............................................................$6,000.00
Total "Up-Front" money..............................................................$10,000.00
Loan amount.............................................................................$69,000.00
Monthly payments (Assuming 5% interest & 30-year amoritization.................................................................................$420.00
Rent proceeds from two renters (per month)....................................$1,398.00
House Payments..........................................................................$410.00
Utilities (Monthly; Estimated).........................................................$140.00
Total Monthly Payments................................................................$550.00
You get to keep this much each and every month...................$848.00
