How Much House Can I Afford

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Are you are flirting with the idea of buying a home? Your first step is to get your finances in order and figure out how much you can afford based on your current monthly rental payment. Getting an idea as to the price of the home you can afford is an important first step in the home buying process. By understanding the price range you can afford, you can look for real estate in the suitable features and pinpoint the ideal home.

Mortgage calculators are vital tools in helping you plan your mortgage. One of the most important steps to do before committing to a residential loan is to do thorough research. You need to fully understand how obtaining a loan affects your income levels, spending, and what the repayments will be. This home mortgage affordability payment calculator is a starting point for you to determine how much a purchase price for a home could be based on your current monthly rental payment. The down payment scenarios will also help you determine if you need to save up money so you can afford a higher purchase price for a home.

Home Affordability Calculator

Home Affordability Calculator Explanations

MONTHLY RENT

The amount of money you currently pay for your rental.

INTEREST RATE

This is the interest rate for the loan you will receive based on your credit score and other factors.

MORTGAGE TERM

This is the length of time you choose to pay off your loan (e.g., 30 years, 20 years, 15 years, etc.)

MORTGAGE YOU CAN AFFORD

The purchase price of a home you can afford.

DOWN PAYMENT

This is the amount of money you will put towards a down payment on the house. Make sure you still have cash left over after the down payment to cover unexpected repairs or financial emergencies.