Morgage Affordability Calculator - 'How Much Can I Afford or Borrow?

This Morgage Affordability Calculator will help figure out how much you can borrow "Keeping Your Best Interests At Heart"

  Interest Rates Guaranteed Less Than All ABN AMRO Banks in the Nation
  One low morgage affordability calculator quote that suits your needs
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Our Affordability Calculator Will Help You Figure Out How Much Home You Can Afford
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Morgage Affordability Calculator

1. Desired Loan Amount:

2. Morgage Term:

 Years
3. Interest Rate: %
4. Annual Property Taxes & Insurance:
5. Total Monthly Payments in Non-Morgage Debt (car payments, credit cards, etc).
 

Monthly Principal + Interest
Total Housing Payment (tax & insurance included)
Required Salary

IMPORTANT NOTE: This Morgage Affordability Calculator makes the assumption that you will utilize the services of a Broker as opposed to a National or Local Bank. The difference is that the majority of National Banks have guidelines that are more strict than the guidelines of the lenders that Brokers can access. For example, National Banks generally have the following Income Requirements:
  1. The sum of your monthly morgage, insurance and property taxes should total no more than 28% of your gross (pre-taxes) monthly income.
  2. The sum of your non-morgage monthly debt payments coupled with your morgage, insurance and property taxes should total no more than 36% of your gross (pre-taxes) monthly income.
Morgage Brokers use the services of Lenders that allow you to borrow up to (and beyond) 45% of your gross income (instead of just 36%).


Additionally, the above calculations are based upon 'conventional' program guidelines. There are a variety of loans available to Brokers (such as Stated Income Loans, No Income No Asset Loans, and so on) that will help you qualify for a loan should you fall outside of the tight and narrow guidelines offered by most National Banks. We recommend that you use a highly respected Broker to ensure that you have the greatest number of options available to you when qualifying for your new home. If you would like more information in order to most completely answer the question of How much I can afford or How much can I borrower then our advise having a Lon Professional review your information.
We recommend having a morgage consultant review your information in order to provide an accurate interest rate. To do so CLICK HERE
Return to the morgage home page. The settlement company can try and eliminate late payment fees, if any. Any over-the-limit fees on Mortgage Net Branch credit cards can also be minimized or eliminated by way of mortgage settlement.