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, Risa welcomes your inquiries.

Required Fields
	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
	Required
Monthly Income:	$
	Required
Monthly Debt:	$
Optional Fields
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:

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

Renting
Monthly Rent: $	RequiredMust be a positive number
Annual Rental Increases:	RequiredInvalid%
Monthly Renter Insurance: $	RequiredInvalid
Savings or Investment Rate:	RequiredInvalid%

Owning
Planned # of years in home:	RequiredInvalid
Yearly appreciation of the home:	RequiredInvalid%
Annual home maintenance:	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 Dan Weiss at Golden State Lending at 818.763.7710.

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