Calculators
Numbers you can move, before anybody asks for a document.
Two calculators: what a given price costs per month, and what a given income supports. Both are illustrative, and both are more honest than a rate on a billboard.
Payment calculator
What the payment actually looks like.
Principal and interest, plus an estimate for taxes, insurance and mortgage insurance, which is the number that hits your account rather than the one on the rate sheet.
- Principal & interest
- $0
- Property taxes
- $0
- Home insurance
- $0
- Mortgage insurance
- $0
Illustrative only. Home insurance is estimated at 0.35% of the price a year and mortgage insurance at 0.5% of the loan below 20% down. Your real numbers depend on the property, the program and your file. This is not a quote, an offer or a rate lock.
Affordability
The other direction: what price does this income support?
Lenders work backwards from your income and your existing debts. This is a rough version of the same arithmetic, using a 43% debt to income ratio as the ceiling.
It is deliberately conservative. The real number depends on the program, and a loan officer can often do better than this once they see the file.
Based on a monthly housing budget of $0, which is what a 43% debt to income ratio leaves once your other debts are paid.
Check it properly
A calculator cannot see your file. A loan officer can.
The qualifier takes three minutes and turns these estimates into an actual conversation about your situation.
August Mortgage Group, NMLS #2642110. Equal Housing Lender. This is not a commitment to lend. All loans subject to credit approval and property appraisal.