Calculators

Home Affordability Calculator

$

Enter any number here. Some programs allow down payments as low as 3%. Just remember, the more you put down, the less your monthly payment will be.

$

Your gross income amount is how much money you earn annually before taxes are deducted.

$

This includes monthly minimum credit card payments, car and student loan payments, child support, etc. Do not include cost of living expenses.

%

Choose the length of the loan term you plan to use. Standard loan terms are 15 or 30 years.

Debt-to-income ratio is calculated by taking all of your monthly costs (including the monthly mortgage payment) and dividing it by your monthly gross income.

You should be able to buy a home valued at
$328,000
30 year fixed loan
Monthly Payment
$1,819
Debt-to-income Ratio
40%

Debt-to-Income Ratio:

0-36%: Affordable
37-42%: Stretching
43% or higher: Aggressive

CALCULATE

These calculations are tools for learning more about the mortgage process and are for estimation purposes only. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.

For example, a Conventional fixed rate loan with the terms purchase price of $300,000, on a loan term of 360 months, down payment of 20%, and an interest rate of 3.125%, will result in an annual percentage rate of 3.188% with $1900 in APR fees. Rate pulled 09/16/21, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.

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