howmuchafford

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How much can I afford to buy?

How much can I afford to buy?

This mortgage calculator will give you an idea about how much you need to make for a given loan amount. Please see the comments below on ratios and electronic underwriting below.

See if your income is sufficient to qualify
		Desired mortgage for new home
		Number of Years on mortgage
		Interest Rate of mortgage
		Annual property taxes
		Total monthly payments in Non-Mortgage Debt (i.e. car, student loans, credit cards, etc).


Summary
Principal & Interest	Total Housing Payment (tax & insurance incl).	Required Salary

Your salary must meet the following two conditions:

Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
Your gross (pre-taxes) monthly salary must be greater than 35% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. Other loan programs are available and electronic underwriting may give you substantially higher qualification ratios. Please complete the prequalify form for an accurate picture of your ability to purchase a home. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification."

*If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required. For an alternative to mortgage insurance, please see the section on combination financing.

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