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How much of a Home can I Afford?

by Bruce on March 17, 2011

in Home Buyers,Home Loan Financing

How much Home can I Afford?This is a very popular question and super easy to answer now! With the calculator below you will be able to find out everything based on your income to let you know how much of a home you can afford. For example purposes where it states “Monthly Gross Income”, this is your income before taxes, “Monthly Debt Expenses” is referring to any bills that you have against your credit (ie; car payments, credit cards, cell phone bill) not items like utilities or your rent, “Down Payment” …this will vary depending on the type of financing you will be obtaining but for first time buyers- typical FHA financing(first time buyers) is 3.5% down and conventional buyers will be putting down 20% of the purchase price and lastly “Interest Rates” will vary every single day. Currently at the time of this post(see time stamp) rates are at 5.25% conservatively. See widget below for daily mortgage rates

Affordability Calculator

Monthly Gross Income $
Monthly Debt Expenses [?] $
Down Payment: $
Interest Rate: %

 

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