Mortgage, retirement, investing, car loan, credit card and refinancing calculators and tools.
Homeowner Affordability Calculator
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Income & Debt Obligations
Current combined annual income:
The gross annual income of you and your spouse (if applicable)
Monthly child support payments:
The monthly amount paid for child support
Monthly auto payments:
The total monthly amount paid for automobile loans
Monthly credit card payments:
The total monthly amount paid toward credit cards
Monthly association/hoa fees:
The total monthly amount for association (condo or homeowner's association) fees.
Other monthly obligations:
Any other monthly obigations you currently have
New Home Loan Details
Annual interest rate on new mortgage:
The interest rate for this home mortgage loan.
Term of new mortgage:
The number of years you wish to finance this home mortgage loan.
Down payment amount:
The amount of cash you have available to use as a down payment.
Estimated property taxes:
The annual amount you expect to pay for property taxes.
Estimated homeowner's insurance:
The annual amount you expect to pay for hazard/homeowner's insurance.
Also known as the housing ratio, lenders use this ratio along with the back-end ratio to determine the maximum loan amount. Housing ratio equals combined (principal + interest + taxes + insurance) monthly mortgage payment divided by your gross monthly income. For example, a combined monthly mortgage payment of $1,200 divided by gross monthly income of $4,500 equals a housing ratio of 27%. Use a front-end ratio of 28% for conservative results and as high as 36% for aggressive results (usually requires a excellent credit and a higher down payment).
Also known as the debt ratio, lenders use this ratio along with the front-end ratio to determine the maximum loan amount. Debt ratio equals your combined monthly mortgage payment plus any other monthly debt obligations such as credit cards and alimony divided by your gross monthly income. Use a front-end ratio of 33% for conservative results and as high as 42% for aggressive results (usually requires a excellent credit and a higher down payment).
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