How Much Home Can I Afford?

Do you have enough income to Qualify? Find out below.

Desired Mortgage Amount

Mortgage Term (yrs.)

Interest Rate %

Annual Tax

Total Monthly Payments in Non-Mortgage Debt (i.e. car, student loans, credit cards, etc)

Summary

Monthly Principal + Interest

Total Housing Payment (tax & insurance included)

Required Salary

Your salary must meet the following two conditions:

Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
Your gross (pre-taxes) monthly salary must be greater than 35% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

DISCLAIMER: The prequalification figures above are based upon conventional loan program guidelines. Other loan types are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is needed to obtain an exact qualification amount. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.

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