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Mortgage Calculators
Welcome > Resources > Mortgage Calculators > How Much Can You Afford? ...

 

The Best Mortgage Calculators On the Web! 

How Much Can You Afford?

The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments.

This Financial Calculator requires a Browser with Java Support


Definitions

Annual income
Your annual income before taxes. For married couples this is your total combined annual income before taxes.

Purchase price
The price of the home you wish to purchase. This is the actual price you'll pay, not including any closing costs.

Total monthly payment
Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and insurance paid each month. Often called PITI.

Cash on hand
Cash you have for the down payment and all closing costs.

Interest rate
The current annual interest rate you can receive on your mortgage.

Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Property tax rate
Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.

Home insurance rate
Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance.

Monthly car payment(s)
Total monthly payment for your car loan(s).

Credit card payments
Total monthly minimum payments for your credit cards.

Other loan payments
Any other installment loan payments, such as student loans or unsecured loans.

Total closing costs
Total upfront costs to close your loan. This is the total of your loan origination fee, points paid and other closing costs.

Loan origination rate
The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000.

Number of points paid
The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance.

Other closing costs
Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid.

Monthly PMI payment
Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero. Please note that this is only an estimate of your actual PMI. The amount you may be required to pay may be higher or lower than our estimate.

Monthly PI payment
Monthly principal and interest payment.

Total for down payment
Total funds remaining, after closing costs, for down payment.

Limit down payment
Limit your down payment to percentage required to eliminate the need for PMI payments. Even if you have more cash on hand than required for closing costs checking this box will limit your down payment to the minimum amount required to forego PMI.

Show schedule by month
Display the payment schedule by month when you press the "View Report" button.

Show schedule by year
Display the payment schedule by year when you press the "View Report" button.

Total annual income debt percentage
Not shown. This is the percentage of your annual income your financial institution allows you to use for debt installment payments. This includes car payments, credit card payments, other loan payments and your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 36%.

PITI annual income percentage
Not shown. This is the percentage of your annual income your financial institution allows you to use for your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 28%.

Qualify amount
Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principal, Interest, Tax and Insurance" for your home.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.



Real Estate Tips
Selling Your Home >An Empty House

There are two schools of thought about whether it is better to show a house empty or with the furnishings in it. An empty house is like a blank canvas, and prospective buyers can more easily imagine what their things would look like in it. But buyers could take the fact that the house is vacant as a sign that the sellers are very anxious to sell and, therefore, might entertain a low offer.

Our recommendations are usually based on how the house would look. Personal taste is highly subjective. Unless your furniture looks really wonderful and is neutral in color and conservative in style, it could distract buyers from the most attractive qualities of your home. The fact that your home is vacant could give it a competitive edge when they make their final selection. Will it attract low offers? It might, but if the price is right, it will attract reasonable offers, too.

See All Tips In The "Selling Your Home" Category >
See Complete Library Of Hundreds Of Tips In 30+ Categories >

Real Estate Trivia
Q 
Where is the world's oldest hotel?

A 
The Hotel Ryokan in the village of Awazu, Japan dates back to AD 717, when an inn was built near a hot spring reported to have miraculous healing properties.
See More Real Estate Trivia >


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Team Peroff, REALTOR®, real estate agents and broker for Keswick, Sutton and Georgina Ontario home listings, property and land for sale - NUMBER1EXPERT(tm)

Steve Peroff - Sales Representative
Re/Max Landmark Realty Inc. Brokerage

430 The Queensway South
Keswick, ON. L4P 2E1
Direct line: 905-476-3131
Toll Free: 1-866-924-7496
Direct Fax: 905-476-7242
Fax: 905-476-8608
Email: steve@realestatekeswick.com

Steve is a full-time Real Estate professional and a full-time resident of Keswick. Born and raised in Toronto, he was educated at Ryerson Polytechnical Institute in Business Administration and for many years in the school of "hard knocks" in Toronto's theatre community. As a Theatre Administrator, Steve had the fortunate opportunity of working with many high profile companies, entertainers and related service industries. It is through these experiences that Steve has created a successful real estate business. He credits a strong organizational background, marketing and advertising acumen and strong interpersonal skills with helping him attain the stature of Keswick's #1 Re/Max Sales Representative, a position he has maintained each and every year since 1990.

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