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Find out how much you can afford to borrow with NerdWallet’s mortgage calculator. Just enter your income, debts and some other information to get NerdWallet’s recommendation for how big a mortgage.
Subtract any other debt payments that you have to make each month to determine how much you can spend on your mortgage expenses. Other debt payments can include car loans and student loans. For example, if you have a $300 per month car loan payment, you would subtract $300 from $2,520 to get $2,220.
Rule of Thumb: Take 4 times your annual salary (combined income if you are married) to determine how much house you can afford.
Bottom line, you want to know what you can afford. At CreditDonkey, we feel the 28% rule works best as a starting point. Working with basic numbers, you can determine an estimate of what you can afford. In our $60,000 per year example, you can afford a $1,400 monthly mortgage payment.
By using actual cash outflows (rent) and current interest rates you get a more realistic perspective on how much mortgage you can afford. · Your debt determines, in part, how much of a mortgage loan you can afford. lenders calculate your debt-to-income by dividing your monthly debt by your gross monthly income. Most banks and mortgage lenders want this ratio to be 36 percent or lower.
Determine the amount of house you can afford Estimate your monthly mortgage payments by entering details about the home loan (home price, down payment, interest rate, and the length of the loan),
· Working with basic numbers, you can determine an estimate of what you can afford. In our $60,000 per year example, you can afford a $1,400 monthly mortgage payment. This includes your principal, interest, real estate taxes, homeowner’s insurance, and mortgage insurance. Calculate how much mortgage you can afford- calculator.
Drummed into her head since when she was little, she knew that she would rather own a home than spend her money on "paying.
A mortgage consultant at GOLD can help (1-800-641-5036 or mortgages@GOLDcu.org). The final section pulls in the numbers from all the other sections, then shows clearly how much you can afford to spend versus how much you are projecting your new home will cost.