Home Much House Can I Afford – Calculate How Much House You Can Afford #what #is #fha #loan

#home loans calculator

Your Results

What do these results mean for me?

Based on your income, expenses, and the loan you selected, the amount above represents the most you can comfortably afford to pay for a home. This assumes that your total costs for your loan payments (principal and interest), taxes, and insurance should not be higher than 45% of your monthly income. Also, remember that you’ll have additional homeownership costs that you may need to factor into your monthly budget, including insurance, association fees, and maintenance expenses. Mortgage insurance expenses which you may have to pay if your downpayment is less than 20% are not included in this calculation. We suggest that all buyers get pre-qualified prior to starting their new home search.

* The information above is based on the interest rate during the fixed rate period of the ARM you selected. For example, for a 5/1 ARM, the fixed rate period is 5 years, or 60 months. After the fixed rate period, your payment may change based on the change in the index used to calculate your interest rate.