Step 1 - Deciding to Buy
Determining How Much Home Can You Afford
Use this handy calculator to help figure out how much you can afford to spend on a home.
|Enter your Gross Annual Income
|$||Enter your Monthly Obligations
Credit Cards, Child Support, Car Loans, etc.
|Gross Monthly Income:||$||Monthly Allowable Housing Expense
Should not exceed 33% of monthly income
|Monthly Allowable Housing Expense and Long-Term Obligations
38% of gross monthly income is usually allocated for prinicpal, interest, taxes, insurance, and monthly long-term obligations
|$||Monthly Principal and Interest Payment
80% of the Allowable Housing Expense is usually allocated to the principal and interest, excluding taxes and insurance
|||||Estimated Mortgage Amount
6% loan amortized over a 30-year term
|||||Estimated Affordable Price
80% of the estimated mortgage amount, assuming a 20% down payment
If you would like our help with this worksheet, ask your Sales Associate or Contact Us.
This material is intended for example purposes only and is not a commitment for financing. This worksheet is intended for use on primary residences. Your rate and affordable price will vary, depending on the size of your down payment, specific terms of your loan, other monthly obligations and the amount of assessment fees, if applicable.
Step 2 Finding the Right Home