How Much Home Can I Afford?


See if Your Income is Sufficient to Qualify
(Note: Each input box must have a numerical figure - even if it's "0")

 
Desired Mortgage for New Home

Mortgage Length

 Years
Interest %
Annual Tax
Total Monthly Payments for Non-Mortgage Debt (i.e. car, student loans, credit cards, etc).
   
Summary
Monthly Principal + Interest
Total Housing Payment (tax & insurance included)
Required Salary
 


Your salary should meet the following two conditions:

  • Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
  • Your gross (pre-taxes) monthly salary must be greater than 35% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.
  • If you have less than 20% down payment, a monthly mortage insurance payment may be required.

    • PLEASE NOTE:
    :     The prequalification figures above are based upon conventional program guidelines. Other loan programs are available that will allow you to exceed these ratios. Contact R.T. of E-Mortgage Source to obtain exact qualification parameters based upon your particular situation.