DwellWell

"How much house can I afford?"
How much you can afford is dependent on more than just your family's income level. It's also dependent on the type of mortgage financing that you choose as well as your monthly debt payments. This form will help you to determine how much house you can comfortably afford and what size mortgage you might qualify for.* To compare types of mortgages, click here. Begin by clicking in the first entry field and follow the instructions that appear in the Help box. To start over, simply click "Reset."
Gross annual income:		Instructions & Explanations
Monthly debt payments:
Down Payment:
Annual Interest Rate:
Monthly insurance:
Monthly property tax:
Length of the Mortgage:

? Downpayment:		Explanations
? Loan Amount:
? Home Price:
? Monthly Payment:

* This Mortgage Qualification Calculator requires a minimum downpayment of 5% of the mortgage. Amounts entered in the downpayment field are first reduced by 2 closing points, and then used to determine mortgage size and home price.

Please note that the payment-to-income ratio is set to 33% and the debt-to-income ratio is set to 41%.

Before you determine how much you are going to spend on your new home, sit down with a mortgage broker who can walk you through your options and help you define your alternatives.