How Much Can I Afford?

Instructions
Enter the total pre-tax monthly income of all borrowers. Enter the total monthly obligations of all borrowers. Include minimum monthly payments of all accounts that will not be paid off in less than 10 months to calculate your monthly obligations. Enter expected mortgage rate and term and amount available for your down payment.

Monthly Income
[3000] Income 1
[2000] Income 2
[0] Income 3

Down Payment
() 3 %
() 5 %
() 10 %
() 15 %
() 20 %
Other: [ ] %

Monthly Payments
[250] Auto Loans
[0] Student Loans
[100] Installment Loans
[50] Revolving Accts
[0] Other Debts

Mortgage Information
[6] Interest Rate
[30] Term in Years
[30] Est. Front Ratio
[36] Est. Back Ratio

Results
Principal and Interest: $1,122.69
Monthly Taxes: $216.67
Monthly Hazard Insurance: $60.56
Monthly Mortgage Insurance: $82.37
Total Mortgage Payment: $1,482.29

Monthly Income: $5,000.00
Monthly Obligations: $400.00
Actual Front Ratio: 28%
Actual Back Ratio: 36%

Home Value: $208,000.00
Down Payment: $20,800.00
Loan Amount: $187,200.00
Loan To Value Ratio: 90.00%

Explanation
A mortgage company uses ratios to analyze your mortgage payment. The housing payment ratio (or Front Ratio) compares your total mortgage payment to your monthly income. The total debt expense (or Back Ratio) compares your total monthly obligations including your total mortgage payment to your monthly income. These ratios are meant to be used as guides. Please contact a mortgage professional for a complete prequalification analysis.

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.

In addition to the information you entered, this calculator uses estimated of other amounts (such as monthly taxes and insurance) that may apply to your loan. Therefore, the results displayed above are only estimates and cannot 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.