This calculator will calculate the price of the house you can afford and the amount that will be financed. It answers one of the most important personal finance questions that we ask ourselves "How much house can I afford?"
Enter your annual income (before taxes) and the cash you have available. Then enter the interest rate you expect on a mortgage followed by the number of monthly payments you expect to make (360 for a 30 year mortgage, 180 for a 15 year mortgage). Enter the estimated annual taxes and insurance, the estimated annual total maintenance and the percent of your before tax income that you want to devote to housing.
You can use this online calculator to calculate what would be an affordable house for you. This calculator takes into account your income, real estate taxes and maintenance as well as the loan payments.
Click on "Help" for more details.
After you know the amount you can safely finance, then the next step is to see what the monthly loan payment will be. User our online loan calculator for doing just that.
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Time Value of Money