This calculator will help you to determine how much house you can afford and/or qualify for.
Your gross annual household income. This is the amount before taxes are deducted.
$
The total of your non-mortgage monthly debt payments. This would include car loans, student loans, credit card payments and so on.
$
The amount you have available to cover the mortgage down payment and closing costs.
$
The annual interest rate you expect to pay on this mortgage.
%
The monthly Private Mortgage Insurance (PMI) you expect to pay. If your downpayment is less than 20% of the value of the home you are buying, you may be required to pay mortgage insurance of somewhere between 0.2% and 0.5% of your principal balance each month.
%
The monthly insurance payment you expect to pay. As a rule of thumb, you can expect to pay .125% (home price X .00125) of the purchase price per month.
$
The monthly property tax payment you expect to pay. As a rule of thumb, you can expect to pay .027% (home price X .00027) of the purchase price per month.
$
The number of years over which you will repay this loan. The most common mortgage terms are 15 and 30 years.
Home Price:
This is home price you could afford (the total of your down payment and your maximum mortgage amount.
$325,761.46
Loan Amount:
This is the maximum mortgage you would qualify for based on your current entries.
$275,761.46
Downpayment:
This is your original down payment amount.
$50,000.00
Monthly Payment:
This is your maximum monthly mortgage payment based upon your current entries.
$1,743.00
* Please note: this calculator is for illustration payments and actual payments may vary.