If you want to get a better idea, schedule a time with one of our licensed mortgage advisors. Use the affordability calculator below to get an idea of how much you can afford. It can be easy to get a rough estimate of a possible mortgage payment if you factor in what you currently make per year vs how much you currently spend per month. Sometimes trying to estimate how much house you can afford is easier if you start with what you know. 1. It is always a good idea to compare mortgage options to see how it can affect your down payment and monthly mortgage payment. But there are several different mortgage programs that all have different down payment requirements. Simply enter the home price, your down payment, the property ZIP code, your credit score and whats most important to you when choosing a loan. You may have heard that a 20% down payment is average, and in most case this is a good number. Here’s the formula for calculating your DTI: Many mortgage lenders generally expect a 20 for a conventional loan with no private mortgage insurance (PMI). The down payment is how much you pay upfront for your home. Home price, the first input for our calculator, is based on your income, monthly debt payment, credit score and down payment savings. If you select yes to let us estimate property taxes, insurance and private mortgage insurance (PMI), we will use national. This may include: the principal and interest, private mortgage insurance (if PMI is applicable), property taxes, homeowner’s insurance and in some cases, homeowner’s association fees. The calculator above will show you a total monthly payment based on the numbers you enter and will also show you the breakdown of that total payment. Get a clear breakdown of your potential mortgage payments with taxes and insurance. There are several factors that can make up your monthly mortgage payment. This mortgage calculator will help you estimate the costs of your mortgage loan. What Makes Up Your Monthly Mortgage Payment?

Mortgage calculator with insurance