How Much Home Can I Afford
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.
INPUT INFORMATION |
Purchase Price: |
$ |
|
Down Payment: |
$ |
Annual Interest Rate: |
% |
Number of Years: |
yrs |
TOTALS |
Monthly Payment Before Taxes & Insurance: |
$ |
|
Monthly Payment After Est. Taxes & Insurance: |
$ |
|
|
|
Calculate Maximum Monthly Payment & Maximum Purchase Price
Use the form below to calculate your maximum monthly payment & maximum purchase price.
INCOME |
Annual Gross Income: |
$ |
MONTHLY LONG TERM OBLIGATIONS |
Child Care: |
$ |
|
|
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: |
$ |
|
|