Abilene Texas homes for sale HUD homes for sale Buyer representation buyer agent buyer broker
Velda Miller, Broker

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
Estimate Insurance to of Cost
Estimate Tax to of Cost
Optional Fields
Receive Detailed Analysis  Receive this Detailed Analysis

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)
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %

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.

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