1525 coleman ave mercer stipend
DESCRIPTION
True Monthly cost of $535.00 for this rehabilitated home. Call Joe Adams at (478) 318-1809TRANSCRIPT
Disclaimer: Tax savings assumes net household income of $42,000 per year. Historic Macon Foundation does not guarantee that you qualify for all incentives. Consult your tax professional or have her or him call our office for more details. See back for calculations.
1525 Coleman Any Other Home
Price $135,000.00 $135,000.00
No Down Payment -$20,000.00 -$4,725.00
Mercer Pays It!
You Get a Raise $2,459.00 $0.00
Don't Pay State Tax (10 yrs.)
Your Taxes Decrease -$965.00 -$2,261.00
Property Taxes Frozen (8.5 yrs.)
You Save $35,000.00 $0.00
10-year Total
Monthly $535.00 $1,163.00
True Cost
FOR SALE Call (478) 318-1809 [email protected]
VS.
1525 Coleman Ave.
Finished Value: $135,000.00 Pre-rehab tax value: $57,600.00
Down Payment (3.5%): $4,725.00 Pre-rehab yearly tax: $964.98
Mercer Stipend: $15,275.00 Eligible rehab expense: $98,379.00
Loan Amount: $115,000.00 Credit value: $24,594.75
Interest Rate: 5.00%
Loan Term: 30
Monthly Mortgage: $617.34
Year Mortgage Property Tax State Income Tax Mortgage Property Tax State Income Tax
1 $7,408.14 $964.98 $0.00 $7,408.14 $2,261.67 $2,459.48
2 $7,408.14 $964.98 $0.00 $7,408.14 $2,261.67 $2,459.48
3 $7,408.14 $964.98 $0.00 $7,408.14 $2,261.67 $2,459.48
4 $7,408.14 $964.98 $0.00 $7,408.14 $2,261.67 $2,459.48
5 $7,408.14 $964.98 $0.00 $7,408.14 $2,261.67 $2,459.48
6 $7,408.14 $964.98 $0.00 $7,408.14 $2,261.67 $2,459.48
7 $7,408.14 $964.98 $0.00 $7,408.14 $2,261.67 $2,459.48
8 $7,408.14 $964.98 $0.00 $7,408.14 $2,261.67 $2,459.48
9 $7,408.14 $1,613.32 $0.00 $7,408.14 $2,261.67 $2,459.48
10 $7,408.14 $2,261.67 $0.00 $7,408.14 $2,261.67 $2,459.48
Totals $74,081.38 $11,594.81 $0.00 $74,081.38 $22,616.66 $24,594.75
With Credits and Stipend Without credits or Stipend
Yearly Mortgage $7,408.14 Yearly Mortgage $7,408.14
Yearly Taxes $964.98 Yearly Taxes $2,261.67
Yearly Insurance $500.00 Yearly Insurance $500.00
Less Tax Credits -$2,459.48 Less Tax Credits $0.00
Monthly Mortgage $534.47 Without credits monthly $1,162.67
Total Savings $35,616.60
With Credits Without Credits