The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments.
Using your input values, an annual income of ANNUAL_INCOME should enable you to carry a LENGTH_OF_LOAN-year mortgage at INTEREST_RATE in the amount of LOAN_AMOUNT. With a TOTAL_FOR_DOWNPAYMENT down payment, the total purchase price would be PURCHASE_PRICE. Total closing costs for this loan are estimated at TOTAL_CLOSING_COSTS.
Monthly payment TOTAL_MONTHLY_PAYMENT
Total closing costs TOTAL_CLOSING_COSTS
To avoid PMI payments a PERCENT_20_DOWN_AMT down payment is required. This equals PMI_PERCENT of your home's purchase price. The total amount of cash required for a PMI_PERCENT down payment plus closing costs would be CLOSING_COSTS_PLUS_20.
The QLFY_AMOUNT monthly payment you could qualify for is calculated by taking the lower of these two calculations:
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
