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Estimate House Payments
What Kind of Home Payments Can I Afford? To calculate the maximum principal and interest amount you can afford to pay each month, there are two basic factors you need to know: Your gross income—Your income before any taxes are paid. Your monthly debts—This includes car payment(s), other installment loans, and credit cards. This does not include the current rent or house payment. When you calculate your affordable house payment, you will work on two separate house payments estimate. The first estimate is based on your housing expense. The second estimate is based on your monthly debts. Your final figure will be the lower of the two house payments estimate.
Here's an extremely rough rule of
thumb for house payments estimate: Your mortgage payment could be in the ballpark of 1% of the cost of the house. That means if the house cost $140,000, your mortgage payment might be around $1400 (30-year mortgage, 5% down, closing costs rolled in, including taxes and insurance, more on all that later). Of course, the larger your down payment, the smaller your monthly payment, and vice versa.
The interest rates and
programs vary, based upon many factors of the borrower's financial situation and
credit history. Tax Advantages for all
mortgage interest up to 100% of your home's value. Get quick quotes from
the industries top lenders who specialize in house payments.
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