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 Home Much Can You Afford?

ABOUT THIS CALCULATOR:
To arrive at an "affordable" home price, we followed the guidelines of most lenders. We've allowed a total debt-to-income ratio of no more than 36%. And we have assumed a housing payment-to-income ratio of 28% for our conservative estimate, and 33% for the aggressive one. Before buying, however, you should also factor in other savings needs, including retirement and college.

ASSUMPTIONS: We've assumed a 30-year mortgage term, annual property tax of $3,500 and homeowners insurance of $481 - the national average. And we do not factor in private mortgage insurance, which you'll owe if your downpayment is less than 20 percent of the purchase price. It averages from $50 to $80 per month. Plug in your own numbers for more tailor-made results.

  Gross Annual Income $   
  Down Payment Amt $   
  Monthly Debt $   
  Mortgage Rate (%)   
  Annual Property Taxes $   
  Annual Homeowners Insurance $   


CONSERVATIVE
AGGRESSIVE
  House Price   
  House Price   
  Loan Amount   
  Loan Amount   
  Monthly Mortgage Payment $   
  Monthly Mortgage Payment $   
  Taxes/Homeowners Insurance   
  Taxes/Homeowners Insurance   
  Total monthly payment   
  Total monthly payment   



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