How Much House Can You Afford?
Wondering how much you can afford to spend on your new home? Talk to us and we’ll help you look at all the factors involved. But for some quick guidance right away you can use this mortgage calculator to figure out the basic monthly payments involved for the sale price you’re looking at.
It can be useful to know the approximate figures involved when you're deciding what level of budget you can afford. Different factors will affect that - how long you want to spend paying the loan back, and how much of a lump sum you have to put down from the sale of an existing property, for example. Until you start to get some realistic idea of the numbers involved it can be hard to think about the types of properties you could be looking at, and the neighborhoods best suited to you. That's why we'd advise you to make some calculations even at an early stage of your real estate inquiries.
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Contact us for more information about financing your next real estate purchase.