Affordability Calculator - Duckworth Real Estate

DUCKWORTH REAL ESTATE

Affordability Calculator

Not sure just how much house you can afford?
Our Affordability Calculator will help you determine if your income is high enough, or your current debts small enough to let you qualify for the house that you want.

Enter your gross monthly income here:

Affordable amount for housing expenses
(using a 28% ratio) Includes:
Principle, Interest, Taxes & Insurance:

This is the affordable amount for
monthly Principle & Interest:

To figure an estimated mortgage amount, choose an
interest rate from the mortgage payment table below.

MORTGAGE PAYMENT CALCULATOR/PRINCIPLE AND INTEREST
INTEREST RATE	6.0	6.5	7.0	7.5	8.0	8.5	9.0	9.5	10
FACTOR FOR 30 YEARS	5.99	6.32	6.65	6.99	7.34	7.69	8.05	8.41	8.78
FACTOR FOR 15 YEARS	8.44	8.71	8.99	9.27	9.55	9.85	10.14	10.44	10.75

Enter the corresponding Factor Number here:

This is about how much
mortgage you can afford:

How much is your downpayment?
Enter the downpayment percentage
(5, 10, 20, etc.) here:

This is about how much house
you would be able to afford
based solely on your income:

However, there are other factors to consider.

Banks and Mortgage Companies will also factor in the monthly
expenses for your other outstanding debts, such as
car loans, credit cards, and other obligations. To get a
more accurate picture of the amount of a house mortgage
that you would be able to obtain from a lender,
complete the following:

Enter your monthly obligations here.
Include: car payments, student loans,
and other loans and credit cards that will
not be paid off in the next 9 months:

This is the amount of your income
that is allowable for paying housing
expenses plus other monthly obligations
(using ratio of 36%):

BOX A

This is how much you currently
require to cover housing expenses
plus your other obligations:

BOX B

If BOX B is greater than BOX A, then your monthly obligations
may exceed your ability to qualify for the mortgage you want.
You can either reduce the mortgage amount you apply for,
or attempt to eliminate some of your other monthly obligations.

Please note: This calculator is not intended to give you the exact amount of
a mortgage that you can expect from any lender. Each bank and mortgage
company will use different income-to-debt ratios that are based on your
individual credit rating and on the market outlook in each separate area of
the country. Check with your lender for more accurate information.

If you found this calculator useful, or if you have comments or
recommendations, please let us know by completing our survey.

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by BRIAN WALTERS

Duckworth Real Estate
601 East Main, Nacogdoches, TX 75961
Office: (936) 568-9206 -- FAX: (936) 568-9205
E-Mail: ducworth@lcc.net