|
|
Expect The Best!
|
The best way to see how much home you can afford is to get pre-approved for a mortgage. A pre-approved morgage can save you money. It also helps establish a price range that is affordable to you. A pre-approved mortgage gives you power to purchase and if you find a house that is suitable you never have to second guess if you can arrange financing.
Interest rates are constantly going up and down. A pre-approved mortgage locks in an interest rate and esures you that if the rates go up, you are locked in until your pre-approval expires. A pre-approved mortgage is a free service so why would you wait.
|
How Much Can You Afford?
|
|
|
Let us help you find out what you can afford!
Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.
Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To e-mail yourself a copy of your results, click the Receive this Detailed Analysis link.
|
|
|
|
|
Required
|
Optional
|
Results
|
Receive this Detailed Analysis
|
|
|
|
Your Monthly Payments
|
| |
| Loan Amount: |
|
|
|
| Loan Insurance (
%): |
|
|
|
| Total Loan(Mortgage) Amount: |
|
|
|
| |
|
|
|
| Principal & Interest: |
|
|
|
| Homeowners Insurance: |
|
|
|
| Property Taxes: |
|
|
|
| Condo Fees: |
|
|
|
| Monthly Loan Insurance (%): |
|
|
|
| Total Monthly Payment: |
|
|
|
| |
| Income Needed to Qualify for the Mortgage |
| |
| Total Monthly Loan Payment: |
|
|
| Total Monthly Debt Payment: |
|
|
| Monthly Loan Insurance (%): |
|
|
| Qualifying Income of
% GDS Ratio: |
|
|
| Qualifying Income of % TDS Ratio: |
|
|
| |
| What You Can Afford |
| We are using the % ratio.
|
| Cost of House: |
|
|
| Down Payment: |
|
|
| Loan Value: |
|
|
| Monthly Principal & Interest: |
|
|
| Monthly Insurance: |
|
|
| Monthly Property Tax: |
|
|
| Monthly Condo Fees: |
|
|
| |
| Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate) |
|
|
|
|
|
|