What Size Loan Can I Qualify For?
Do you want to know how much you can afford to borrow from a lender?
Our Affordability Calculator can help you calculate the amount you can afford from a lender’s point of view. This will help you get a better idea of what lender’s will see when they look through your finances and what options are most likely to be available to you.
We recommend that you use this calculator before you even start looking for your new home. Arming yourself with this information will make the search for your dream home that much easier.
Our Affordability Calculator determines this information by looking closely at the income you are currently making and comparing that to your existing debts and any other monthly payments you are currently making.
The amount of cash you have available to use for your down payment, as well as the interest rate, taxes and term of the loan will all be taken into consideration by our calculator to provide you with the most realistic picture of what you should be able to comfortably afford.
Calculations of your front and back ratios can also help you by providing you with limits for your housing and other necessary expenses.
The final result you get from this calculator will be a regular monthly payment that includes your principal payment, your taxes and your insurance, if necessary.
Disclaimers: The information provided by these calculators is for illustrative purposes only. There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. The default figures shown are hypothetical and may not be applicable to your individual situation. The calculated results are also intended for illustrative purposes only and accuracy is not guaranteed. There is not tax or financial advice given. Default and calculated tax data are for illustrative purposes only. Be sure to consult a tax or financial professional regarding your specific situation and before relying on the results.
Any hypothetical monthly mortgage payments reflect hypothetical Principal & Interest amounts rounded to the nearest dollar amount and may not include insurance, taxes, or other possible fees. These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer.
We have many other Mortgage Calculators for you to use.
Make sure you register to receive my Free Homebuying Guide and Insider Mortgage Reports, browse my Resources section, fill-out a FREE No-Obligation Secure Online Loan Application, or call me in my Duluth, Georgia office at 770-235-9907. I am here to help you with all your mortgage needs.