Home Affordability Calculator

Home Affordability Calculator

What price home can you afford?

This calculator helps you determine what price home and what monthly payment you can afford.

 

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TipGross Monthly Income - Enter your income before taxes and other expenses (including retirement accounts and health insurance).
TipDown Payment - Enter the down payment you expect to have when you buy your home.
TipMonthly Debt Payments - Enter your total debt payments. Remember to include credit card, student loan and auto payments, as well as any other debts you may have such as child support. If you are a homeowner, do not include your current mortgage payment.
TipAnnual cost for homeowner's insurance - Most lenders will require you to carry homeowners insurance. For more accurate results, enter the annual cost for this insurance.
TipAnnual cost for property taxes - Some lenders will require you to open an escrow account, and your property taxes will be paid from that account by the lender. These payments are added to your monthly mortgage payment, so for more accurate results, enter the annual cost. Your real estate agent can help you estimate this cost.
Mortgage information
TipInterest rate - Enter the interest rate that you will pay on your mortgage. You can find current average rates from Freddie Mac at www.freddiemac.com.
TipTerm - The period of time between the beginning loan date and the date the entire balance of the loan is due.
Calculations are based on a 36% total debt-to-income ratio. Some lenders may allow a higher debt-to-income ratio, which would increase the price of the home you can afford. The monthly payment shown does not take into account private mortgage insurance, which would likely be required if your down payment is less than 20 percent. It does take into account your taxes and insurance when determining how much home you can afford, but the monthly payment amount is principal and interest only.

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