Mortgage Calculator » Can I Afford It?

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If you are unsure how much you can afford when it comes to buying a new property, you can use the affordability calculator below to help you. Simply enter the desired mortgage details and monthly expenses to determine the required salary. It's may not be perfect but it gives you a good number to work with.

Desired Mortgage Amount:
Mortgage Length:	Years
Interest Rate:	%
Annual Tax:
Total Monthly Expenses:	i.e. car, student loans, credit cards, etc...



Summary
Monthly Principal + Interest:
Total Housing Payment:	tax and insurance included
Required Salary:

Your salary must meet the following two conditions: Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments. Your gross (pre-taxes) monthly salary must be greater than 35% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity in your property, a monthly mortgage insurance payment may be required.

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