Affordability Calculator
This calculator determines the maximum-priced property you could potentially afford based on the highest payment you can manage. However, it does not guarantee loan qualification. Please note, all fields must be filled in.
Monthly Payment Information
Payment Breakdown
Loan Information
Personal Information
Monthly Payment Breakdown
Pre-Tax Benefit | After-Tax Benefit | |
---|---|---|
Principal And Interest | $9,463.12 | $11,355.74 |
Property Tax | $1,597.91 | $1,917.50 |
PMI | $329.97 | $408.20 |
Monthly Insurance And Other Costs | $120 | $120 |
Monthly Association Dues | $789 | $789 |
Tax Savings | 0.00 | -2290.44 |
Total Payment | $12,300 | $12,300 |
Loan Details | ||
Home Price | $1,278,330.10 | $1,533,996.12 |
Down Payment | $200,000 | $200,000 |
Amount Financed | $1,078,330.10 | $1,333,996.12 |
Total Finance Charges | $2,328,392.51 | $2,754,071.02 |
Total Of Payments | $3,406,722.61 | $4,088,067.14 |
Loan To Value Ratio | 84.35% | 86.96% |
Without the tax benefit, your affordable home value is $1,278,330.10. Yet, with the tax benefit considered, you can afford a home worth $1,533,996.12.
Frequent Asked Questions
Pre-qualification is an estimate of how much you might be able to borrow based on a quick review of your finances. Pre-approval involves a more detailed look at your finances and credit history to give a more accurate figure of the mortgage amount a lender is willing to provide.
A mortgage lender is a financial institution that provides the loan. A broker acts as an intermediary, helping you find the best loan from various lenders. A banker, or mortgage banker, works for a specific financial institution and offers loans from their institution only.
Yes, getting pre-approved for a mortgage requires a lender to perform a credit check, which is a hard inquiry. This can temporarily lower your credit score by a few points.
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