When you are looking to buy a home, you may have questions about what you are able to afford. If you are using financing to buy a home, then it is important to know what home price and mortgage works with your needs and budget.
Mission Fed provides this Home Loan Affordability Calculator to help you estimate how much home you can afford. When you input your income, monthly debt payments and your mortgage information, the calculator will tell you how that translates into a home price and down payment that may work for you.
To get started, simply enter your monthly income into the following categories: Wages, investment income, child support/alimony and other income.
Then, you need to enter in your monthly debts—this includes any auto payments, outstanding credit card balances (if you pay off your bill each month, then you would enter $0), child support or alimony payments and any other monthly debts, such as student or personal loans.
Finally, enter in your mortgage information, including the loan term, interest rate, annual property taxes and property insurance costs.
The Home Affordability Calculator will then translate those numbers into a home price that you should be able to afford, showing you your monthly mortgage payment, mortgage insurance payments and taxes.
The calculator will compare two down payment options, 10% and 20%, to show you how much is required for the down payment in each case and how the down payment amount changes your loan amount and total home price that you can afford.
Our goal at Mission Fed is to empower you to find the right Home Loan. In addition to offering competitive rates on Home Loans, we provide financial education resources to prepare you for your home purchase, such as additional Home Loan Calculators, including the Home Loan Down Payment Calculator, that enable you to see how various down payment amounts impact your mortgage.
At Mission Fed, we are happy to assist you with your homebuying needs. In addition to tools like our Home Loan Calculators and Home Loan blog posts on our Live Smart. Bank Smart. blog, we also offer assistance from our knowledgeable and friendly representatives. They can help you evaluate various Home Loan options to help you refinance or access the equity in your home. You are always welcome to apply at any Mission Fed Branch or to apply online for your Home Loan—we’re excited to help you find the right Home Loan for your needs.
Interactive calculators are made available as self-help tools, and we cannot and do not guarantee their accuracy or applicability to your circumstances. All examples are hypothetical and are for illustrative purposes only. Calculators are not intended to provide investment advice, and we encourage you to seek personalized advice from qualified professionals regarding all your personal financial issues.