Before you start looking at homes, it’s a good idea to find a target price range that you can afford. A mortgage lender will want to make sure you can qualify for the down payment, plus a monthly mortgage payment made up of principal, interest, taxes and insurance (PITI).
Interest rates and your personal finances will influence the amount of house you can afford. For a quick estimate of a monthly mortgage payment for which you may qualify use the following worksheet. Remember, it’s always good to talk to a lender before you start shopping for a home. I can refer you to lenders suited to your specific financial needs.
Calculate Your Mortgage Payments
Use the form below to calculate various mortgage scenarios.
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Calculate Maximum Monthly Payment & Maximum Purchase Price
Use the form below to calculate your maximum monthly payment & maximum purchase price.
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Credit Cards/Loans: | $ | |||||||
| Autos: | $ | ||||||||
| Other: | $ | ||||||||
| MORTGAGE INFORMATION | Down Payment: | $ | |||||||
| Annual Interest Rate: | % | ||||||||
| Number of Years: | yrs | ||||||||
| TOTALS | Maximum Monthly Mortgage Payment: | $ | |||||||
| Maximum Purchase Price: | $ | ||||||||
| AGGRESSIVE TOTALS | Maximum Monthly Mortgage Payment: | $ | |||||||
| Maximum Purchase Price: | $ | ||||||||
