How Much Can You Afford?

Only you can decide how much is too much when it comes to financing your home. For your convenience, our calculators will help you determine loan amounts, mortgage qualification, affordability or the feasibility of buying vs. renting.

Simply complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link. If you have questions or are unsure of how to proceed with regard to loan pre-qualification or pre-approval, your inquires are welcome.

Required

Required Must be a number between 1 and 50
Term In Years:
Required Must be a number between 1 and 100
Interest Rate:	%
Required
Cost of Home:	$
Required Cannot be more than Cost of Home
Down Payment:	$
Required
Annual Insurance:	$
Estimate Insurance to 0.43%of Cost
Required
Annual Property Tax:	$
Estimate Tax to 1.2%of Cost
Monthly Income:	$ Required
Monthly Debt:	$ Required

Optional

Gross Debt Service Ratio (GDS):
Total Debt Service Ratio (TDS):
Condos Fees:	$

Results

Receive this Detailed Analysis

Mortgage
Qualification
Affordability
Rent vs Buy

Your Monthly Payments

Loan Amount:
Loan Insurance ( %):
Total Loan(Mortgage) Amount:

Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:

Income Needed to Qualify for the Mortgage

Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:

What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:

Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate)

Monthly Rent:	$ RequiredMust be a positive number	No. of Years you plan on keeping the home:	RequiredInvalid
Annual Rental Increases:	% RequiredInvalid	Yearly Appreciation on the Home:	% RequiredInvalid
Monthly Renter Insurance:	$ RequiredInvalid	Annual Home Maintenance:	% RequiredInvalid
Savings or Investment Rate:	% RequiredInvalid

Pre-qualified Vs. Pre-approved

Loan pre-approval is an easy and enlightening process. Not only does it position you as a more attractive potential buyer, it shows that you are serious about shopping for a home. It is more in-depth than loan pre-qualification which, while useful, is a ballpark estimate. Pre-approval is worth the 45 or so minutes required. It gives you added confidence - you know exactly where you stand financially. It may be easier than you think to leave rental payments behind! Of course, there is no obligation.

Contact Marie Richarz in the Studio City office at 818.432.1613 or click on the link below.

Prospect Mortgage