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Diane Chaplin-Colvard, Broker/Owner, REALTOR®, CRB, CRS, GRI
Office: (305) 743-6084  
 
Tools & Calculators: How Much Can I Afford Calculator

How Much Can I Afford Calculator

This calculator will allow you to compute how much property you can afford by taking the purchase value, interest rate and your non real estate related monthly payments and converting them into monthly payments you can budget by and a target salary range you should be in so you know if you can really afford the property.

See if Your Income is Sufficient to Qualify
Desired Mortgage for New Home

Mortgage Length

 Years
Interest %
Annual Tax
Total Monthly Payments in Non-Mortgage Debt (i.e. car, student loans, credit cards, etc).
Summary
Monthly Principal + Interest
Total Housing Payment (tax & insurance included)
Required Salary

Your salary must meet the following two conditions:

  1. Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
  2. 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 home, a monthly mortgage insurance payment may be required.


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