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Homeownership is the American Dream and it is a dream that belongs to everyone. When you decide to purchase a home, you are really signing on for a long term commitment. This commitment should start even before you begin looking for properties. When looking for a home, most people have already established a certain criteria that they want in a home. Does it have a basement? How many bedrooms and bathrooms does it have? What is the square footage of the home? What condition is the house in? Does it have a big backyard in a nice neighborhood and hundreds of other important questions. Just like a home, a home mortgage loan has many different variables too. There are different types of loans, different types of interest rates as well as different lengths of loans. This information is more important than finding that perfect house, because even the most perfect home in the best location can be a homeowners nightmare if the loan terms are not right.
One of the first things that anyone should do is gather all of finances and pull a credit report to make sure things are correct and in order. When you have all of this information and before you start looking at properties, you should start thinking about how much of a home loan that you can afford. For a conventional loan, your total monthly housing cost should be no more than 28% on your monthly gross income (before taxes and other deductions). Remember total monthly housing costs would include not only your mortgage payment, but your mortgage insurance and taxes too. So keep those other housing costs in mind when you start trying to calculate the amount of mortgage you can afford.
Everyone should have a maximum amount set that they want to spend on a mortgage before they even start to look at properties. This will help ensure that you are not out looking for homes you can't afford. You need to set an amount and stick to it. |
Maximum Loan Size
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| | Please enter the monthly payment you can afford (e.g. 500), the interest rate (e.g. 4.5), the number of years to plan to finance your loan and if you plan to make monthly or bi-weekly payments on the loan. |
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| * This calculator is considered reliable, but results cannot be guaranteed. |
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