How Much House Can You Afford?
Given the recent issues arising from short sales and foreclosures, purchasing a home that you can afford is more important today than ever before. By estimating the total monthly expenses that are associated with a mortgage, you will be prepared ahead of time to ensure that the purchase price you are looking at is something that fits in your budget. The mortgage calculator below is a great place to start when determining a price range for homes to consider.
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.