Mortgage Library

How much can I afford?

Monthly Income
Income 1
Income 2
Income 3

Down Payment
3 % 5 % 10 %
15 % 20 %
Other: %

Monthly Payments
Auto Loans
Student Loans
Installment Loans
Revolving Accts
Other Debts

Mortgage Information
Interest Rate
Term in Years
Est. Front Ratio
Est. Back Ratio

Instructions

Enter the total pre-tax monthly income of all borrowers. Enter the total monthly obligations of all borrowers. Include minimum monthly payments of all accounts that will not be paid off in less than 10 months to calculate your monthly obligations. Enter expected mortgage rate and term and amount available for your down payment.

Results

Principal and Interest: $1,122.69

Monthly Taxes: $216.67

Monthly Hazard Insurance: $60.56

Monthly Mortgage Insurance: $82.37

Total Mortgage Payment: $1,482.29

Monthly Income: $5,000.00

Monthly Obligations: $400.00

Actual Front Ratio: 28%

Actual Back Ratio: 36%

Home Value: $208,000.00

Down Payment: $20,800.00

Loan Amount: $187,200.00

Loan To Value Ratio: 90.00%

Explanation
A mortgage company uses ratios to analyze your mortgage payment. The housing payment ratio (or Front Ratio) compares your total mortgage payment to your monthly income. The total debt expense (or Back Ratio) compares your total monthly obligations including your total mortgage payment to your monthly income. These ratios are meant to be used as guides. Please contact a mortgage professional for a complete prequalification analysis.

The accuracy and applicability of this calculator is not guaranteed.