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How Much House Can You Afford?

This calculates a payment for a loan amount that is fixed over a period of time. The loan can be a mortgage, car loan, or any fixed interest loan.

Calculations

Estimated Loan Terms
Cash in hand for down payment:	$
Interest Rate:	%
Length of Loan (Years):

Income
Annual Income:	$

Monthly Payments
Monthly Debt (Car payments, credit cards, student loan payment etc.):	$

Taxes & Insurance
Property tax rate (1% = $1000/yr for 100K house):	%
Home Insurance rate (0.5% = $500/yr for 100K house):	%

Other Qualification Factors
Front-end ratio:
Back-end ratio:

Ratios are often used to determine whether you will qualify for a specific loan program or not. Most loan programs are qualified by the default values given (28%/36%) however there are many other loan programs that require more lenient ratios Sometimes as high as 45%. The front-end ratio is calculated by dividing your proposed housing expenses by your total income. The back end ratio is calculated by dividing your proposed housing expenses and your other total debt by your total income.

Your Results

House value:	$	124,223.01
Loan value:	$	122,223.01
Monthly Principal+Interest:	$	918.22
Monthly Prop Tax+Insurance:	$	196.69
Monthly Private Mortgage Ins. (PMI):	$	93.17
Down Payment:	%	1.61
Loan To Value (LTV):	%	98.52

Explanation

Typically, if your down payment is less than 20% of the house value, you have to pay for Private Mortgage Insurance (PMI).
We estimated PMI at an extra 0.9 of the loan each year although this percentage will fluctuate depending upon where the insurance is required.
There are some loan programs, however, that do not require PMI regardless of the LTV.

PMI values are estimated based on the following criteria:
- If LTV is less than 85%, PMI is 0.32%
- If LTV is more than 85%, PMI is 0.52%
- If LTV is more than 90%, PMI is 0.78%
- If LTV is more than 95%, PMI is 0.90%
- If LTV is more than 97%, PMI is 0.95%

The accuracy and use of this calculator is not guaranteed.

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