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How much can I afford?

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Description
Enter the gross (pre-tax) monthly income of all borrowers as well as their combined monthly obligations. For obligations, include minimum monthly payments of all revolving accounts, auto and student loans, and any other monthly obligations. Enter expected mortgage rate and term and amount available for your down payment.
How much can I afford?
Monthly Income
Income 1 ($)  Glossary of Terms
Income 2 ($)  Glossary of Terms
Income 3 ($)  Glossary of Terms

Monthly payments
Auto Loans ($)  Glossary of Terms
Student Loan ($)  Glossary of Terms
Installment Loans ($)  Glossary of Terms
Revolving Accounts ($)  Glossary of Terms
Other Debts ($)  Glossary of Terms
Down Payment as % of Home Value Glossary of Terms
3% 5% 10% 15% 20%
Other:(%)

Mortgage Information

Interest Rate (%)  Glossary of Terms
Term in Years  Glossary of Terms
Estimated Front Ratio  Glossary of Terms
Estimated Back Ratio  Glossary of Terms

Result
Principal and Interest: $1,124.86
Monthly Taxes: $159.69
Monthly Hazard Insurance: $44.71
Monthly Mortgage Insurance: $127.75
Total Mortgage Payment: $1,457.01
Monthly Income: $5,000.00
Monthly Obligations: $400.00
Actual Front Ratio: 28%
Actual Back Ratio: 36%
Home Value: $153,300.00
Down Payment: $0.00
Loan Amount: $153,300.00

Glossary of Terms
Income 1,2 and 3: All borrowers responsible for mortgage payments must enter there gross (pre-tax) monthly income. Return to Top
Auto Loans: The monthly payment of an auto loan or lease of all the borrowers. Return to Top
Student Loan: The monthly payment of all the borrowers' student loans. Return to Top
Installment Loans: In addition to auto and student loans, any other loans outstanding that require a monthly payment. Return to Top
Revolving Accounts: Revolving Accounts usually are attached to a credit card, has a high credit, terms based on the balance, scheduled monthly payment, and a current balance. Return to Top
Other Debts: Other debts that has a monthly payment obligation that is not mentioned here. Return to Top
3% 5% 10% 15% 20%,Other: The amount of down payment that you intend to make expressed in percentage terms. Example: The house value is $100,000. Your down payment is $20,000. The down payment percentage is 20%. Return to Top
Interest Rate: The amount of interest charged on a monthly loan payment; usually expressed as a percentage. Return to Top
Term in Years: The number of years required to pay off the principal and interest of the loan. Return to Top
Estimated Front Ratio: The front ratio (housing payment ratio) compares your total mortgage payment to your monthly income. Return to Top
Estimated Back Ratio: The Back Ratio (total debt ratio) compares your total monthly obligations including your mortgage payment to your monthly income. Return to Top

Disclaimer: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts.