How Much Can I Afford?

How Much Can I Afford?

Total Monthly Income (i.e., child support, salary)

$

Mortgage Length

  Years

Interest

  %

Annual Property Tax

$

Total Monthly Payments in Non-Mortgage Debt (i.e. automobile, student loans, credit cards, etc).

$

Summary

Monthly Principal + Interest

$

Total Housing Payment (tax & insurance included)

$

Desired Mortgage

$

Your salary must meet the following two conditions:

1. Your total housing payment (including taxes and insurance) should be no more than 32% of your gross (pre-taxes) monthy income.

2. The sum of your total housing payment (including taxes and insurance) and other monthly debts should be no more than 41% of your gross (pre-taxes) monthy income.

DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. If you invest less than 20% down payment in your new home, a monthly mortgage insurance payment will be required, which may increase your total mortgage payment. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. Other loan programs are available including FHA, VA, and USDA.

Depending on the loan type and downpayment amount, mortgage insurance may be required which would increase your total mortgage payment.