Instructions
This simple calculator calculates your monthly payment based on your input. This calculator assumes conventional mortgage financing compounded semi-annually. The maximum Gross and Total Debt Service Ratios (GDSR and TDSR) are usually 32% and 40% respectively. The calculation assumes the total of all non shelter financial obligations will not exceed an additional 8% of the required household income. A conventional financing calculation should incorporate 75% mortgage up to 400,000 of value and 65% thereafter to determine the required down payment. This underwriting practice varies between financial institutions.
Input
100,000 Home Value
75,000 Loan Amount
6.000 Interest Rate
25 Term
Results
Monthly Principal & Interest: $479.85
Down Payment: $25,000
Required Down Payment: $25,000
Income Required: $17,995
These calculations are only estimates and should not be used to determine actual loan costs. Please consult your tax advisor for information on the deductibility of interest for tax purpose. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.