Mortgage Affordability
The very first step you should take when shopping for a mortgage is deciding how much
you can afford to pay. This will save you time and frustration. Important factors to
take into account are the borrowed amount, interest rate, points, term, down payment, the
amount of cash you can allocate to the mortgage, your existing indebtedness and
the ratio of housing expense to your income. The following affordability calculator can
help you in estimating what mortgage is best for you:
Mortgage Affordability Calculator
Please fill in the fields of the left table, then click on "COMPUTE".
Do not use $ or % signs or commas in these fields. Only numbers and an optional
decimal point.
The left table has been filled with
values that are about average, but you can play with it, change
these values to what best fits your case and have a good
approximation of what kind mortgage you can afford. Your lender will use
a similar calculation to determine if you qualify for the mortgage you want. For
an explanation of the terms used in the calculator refer to
"What a Mortgage Is".
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Mortgage Refinancing A1 2006
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