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How Much House Can You Afford?
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Our calculators will help provide an estimate of loan amounts, mortgage qualification, and affordability.
Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link.
| It is so important to Get Pre-Approved prior to searching for a home. Not just Pre-Qualified but Pre-Approved! The process is actually simple: visit a mortgage lender of your choice, and let him or her walk you through the process of determining what you can afford. Your mortgage lender will then provide you with a Pre-Approval letter, also called a Letter of Committment. This is the starting place for finding the right house for you. In today's market this 'Letter' is a necessary part of any offer you will make. Most Seller's will not even accept an offer without one.
Interest Rates, Loan Programs, and Underwriting Guidelines constantly change. Consult with a mortgage lender. These calculators are only a guage and are not intended to determine your actual qualifications. |
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Results
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Receive this Detailed Analysis
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Your Monthly Payments
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| Loan Amount: |
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| Loan Insurance (
%): |
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| Total Loan(Mortgage) Amount: |
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| Principal & Interest: |
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| Homeowners Insurance: |
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| Property Taxes: |
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| Condo Fees: |
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| Monthly Loan Insurance (%): |
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| Total Monthly Payment: |
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| Income Needed to Qualify for the Mortgage |
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| Total Monthly Loan Payment: |
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| Total Monthly Debt Payment: |
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| Monthly Loan Insurance (%): |
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| Qualifying Income of
% GDS Ratio: |
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| Qualifying Income of % TDS Ratio: |
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| What You Can Afford |
| We are using the % ratio.
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| Cost of House: |
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| Down Payment: |
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| Loan Value: |
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| Monthly Principal & Interest: |
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| Monthly Insurance: |
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| Monthly Property Tax: |
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| Monthly Condo Fees: |
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| Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate) |
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