Mortgage Calculator

Mortgage Calculator

Things To Consider

How Much Can I Afford?

To determine the affordability of a home, there are a few key factors to consider, including household income, monthly obligations (like car and student loan repayments), and the sum of your savings set aside for a down payment. 


A good rule of thumb is the 28/36 rule, which states that no more than 28% of pre-taxed monthly income should be spent on home-related costs. And no more than 36%  should be spent on total debts, including mortgages.


Debt To Income Ratio

An important metric used to calculate the amount of money someone can borrow is the DTI Ratio. The Debt to Income Ratio compares total monthly debts (for example, your mortgage payments, including insurance and property tax payments) to monthly pre-taxed income.


Those with higher credit scores may qualify for a higher ratio, but generally speaking, housing expenses shouldn't exceed 28% of monthly income. Think back to the 28/36 Rule!

VA Loans

With a military connection, you may qualify for a VA loan. That’s a big deal!! Typically, mortgages backed by the Department of Veterans Affairs don’t require a down payment. 


See If You Qualify For A VA Loan→

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