COMPARISON OF HOUSING COSTS

UNDER TORCA SHARED APPRECIATION LOAN PROGRAM

 

 

 

 

 

 

 

Example:   2 Bedroom Unit costing $150,000

 

 

 

                                                                                                                                                              

	Without Shared Appreciation Mortgage	With Shared Appreciation Mortgage
Down payment	(20%)  $30,000	(3%)  $4,500
Bank Loan	$120,000	$74,275
City Loan	$0	$71,225
Monthly Mortgage Payment*	$880	$545
Monthly Housing Cost**	$1,160	$825

 

 

* Assumes a thirty-year loan at an 8% interest rate.

**Assumes mortgage payment, taxes, and homeowner association fees.