How Much Can You Afford?

Let me help you find out what you can afford!

This mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To e-mail yourself a copy of your results, click the Receive this Detailed Analysis link.

Required Fields
	Required term in years Must be a number between 1 and 50
Term In Years:
	Required interest rate Must be a number between 1 and 100
Interest Rate:	%
	Required cost of home
Cost of Home:	$
	Required down payment Cannot be more than Cost of Home
Down Payment:	$
	Required annual insurance
Annual Insurance:	$
	Estimate Insurance to 0.43% of Cost
	Required annual property tax
Annual Property Tax:	$
	Estimate Tax to 1.2% of Cost
	Required monthly income
Monthly Income:	$
	Required monthly debt
Monthly Debt:	$
Optional Fields
Gross Debt Service Ratio (GDS):
Total Debt Service Ratio (TDS):
Condos Fees:	$

Results

Receive this Detailed Analysis

Mortgage
Qualification
Affordability
Rent vs Buy

Your Monthly Payments

Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:

Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:

Income Needed to Qualify for the Mortgage

Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:

What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:

Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate)

Renting
Monthly Rent: $	RequiredMust be a positive number
Annual Rental Increases:	RequiredInvalid%
Monthly Renter Insurance: $	RequiredInvalid
Savings or Investment Rate:	RequiredInvalid%

Owning
Planned # of years in home:	RequiredInvalid
Yearly appreciation of the home:	RequiredInvalid%
Annual home maintenance:	RequiredInvalid%

Information Needed for Your Loan Application

Here is a list of items and information you will typically need for a home loan application:

Social Security Numbers
Residence for last 2 years
Name of current Mortgage lender for all real estate owned with account numbers, phone numbers, and/or cancelled checks for last 12 months
Current landlord's name and phone number or cancelled checks for the last 12 months
Employment Pay Stubs for last 30 days
Previous 2 months statements on all accounts (bank, credit union, stock broker) and documentation to prove source of sizeable recent deposits
IRA/Keogh/401K/Profit Sharing - Most recent statements covering a 2 month period
Coupon book or most recent statement on all Loans with balances
Addresses of other real estate owned and leases
College Diploma or Transcript if Student within last 2 years
Obligation to pay Child Support/Alimony - Copy of Divorce Decree
Copy of Bankruptcy papers, if applicable
Statement of Service or DD214 - VA Loans Only
Self-employed borrowers need last 2 years complete tax returns, YTD Profit & Loss/Balance Sheet prepared by a Third Party Accountant

Additional information may be required depending on the type of loan or your particular circumstances.

How Much Can You Afford?

Information Needed for Your Loan Application