How Much of a House Can You Afford?
Getting together a down payment is just the initial part of purchasing a home. Knowing how much of a mortgage payment will fit your monthly budget is another part. The calculators below can help you figure that out.
Gross Monthly Income Multiplied by 28% or (.28) = Maximum Monthly Payment
Debt method acquired by: (Gross Monthly Income x 38%) – Monthly Debt Payments
Monthly payment acquired by:
(Cost of Home) – (Down Payment) = Amount Financed
(Amount Financed / 1000) x (7% Interest Rate)