MortgageDance

Mortgage Affordability Calculator

Income

Gross annual income (before tax)
Maximum housing expense %
%
(M1) Max monthly payment based on income
$1,516.67

Monthly Debts

Car Payment
Credit card minimum
Student loans
Child support & other obligations
Other mortgages
Other loans
Current monthly debts
$400.00
Maximum Debt-to-Income ratio (DTI)
%
(M2) Max monthly payment based on DTI
$1,550.00
Maximum monthly payment (lower of M1 & M2)
$1,516.67

Monthly Expenses

Property tax
Homeowners insurance
PMI (private Mortgage Insurance)
HOA fees
Other expenses (utilities, repairs, etc)
(M3) Max monthly PI payment based on expenses
$1,041.67

Available funds

Available funds
Fixed closing costs
Variable closing costs (based on price)
%
Minimum down payment
%
Max home price based on funds
$207,708.33
(M4) Max monthly PI payment based on funds
$793.31
Maximum PI payment (lower of M3 & M4)
$793.31
Term of mortgage
Annual interest rate
%
Loan amount based on max PI payment
$166,167.70
Down payment based on available funds
(20%)$41,541.62
Total estimated closing costs
(4.1%)$8,458.37
Maximum home price
$207,709.32
Only relevant for investment properties that generate income.
% of home price depreciable
%
Years to depreciate
Annual depreciation
$4,531.84
Estimated home price
$207,709.32
Loan amount
$166,167.70
Down payment
$41,541.62
Estimated closing costs
$8,458.37
Estimated monthly payment
$1,268.31
Principal & Interest
$793.31
Property Tax
$350.00
Homeowner's insurance
$75.00
PMI
$0.00
HOA Fees
$50.00
Other expenses
$0.00
© 2021, Built by B