Example PyQt5 Project
Compare two home loans taking into account capital price, proportion borrowed, interest rate, salary and income tax level.
By default, the left column (Loan 1) shows a modern loan in the US/UK, while Loan 2 shows the situation in the early 90s, when:
- houses were cheaper
- salaries were lower
- you generally saved 30% as a deposit, borrowing 70% from the bank
- loans were generally for 15 years
- interest rates were nasty
- income tax was higher
Despite most things being cheaper in the 1990s, the higher interest rates and shorter-term loans made mortgages affordable only for the wealthy or for dual-income households. On the other hand, if you could afford the repayments at 18%, you felt pretty good 5-10 years later when rates declined.
Here's a screenshot
Capital Cost, Principal, Interest Rate and Term - the usual loan information
Monthly Payment - monthly payments to meet the terms of the loan
Gross Salary and Income Tax Rate - your annual salary and your average tax rate. Used to calculate how much money you have to pay your mortgage.
Salary After Tax - how much you earn each month after tax
Mortgage Burden - percentage of your take-home pay required to service the loan.