Or take a look below and see some of the best rates offered in your area. To get a sense of what rates are available today, check out our article on the best mortgage rates of 2022. Mortgage rates fluctuate with time, but in the last couple decades they’ve hovered between 3% and 6% (trending downward). Your interest rate is dependent on several factors that are unique to you, such as your credit score, monthly income, and debts. The Home Affordability Calculator also considers mortgage details like your interest rate to determine how much house you can afford. This is an important number to mortgage lenders, and some may require that you reduce your debts owed before they approve you for a loan. Total debts include auto loans, student loans, credit card debt, and so on, but it should also include your mortgage payment. Your debt-to-income ratio (DTI ratio) should be less than 40%. Monthly Debt PaymentsĪnother number the Home Affordability Calculator considers is how much money you pay every month for debts. This includes not only your own salary, but also any shared income with a partner, any significant income sources outside your salary, etc. When you input your pre-tax income into the calculator, be sure to include all income sources. Instead, the calculator sets a mortgage payment limit of 28% of your monthly income, to account for additional housing expenses and other surprise costs. However, Money Under 30’s Home Affordability Calculator is a bit more conservative. Typically, banks approve prospective borrowers for a monthly mortgage payment that’s around 35% of their gross, pre-tax monthly income. Your future mortgage lender will also request these details to determine your eligibility. To use Money Under 30’s Home Affordability Calculator, you’ll need five pieces of information.
#HOUSE BUYING BUDGET CALCULATOR HOW TO#
Read more: How Much House Can You Afford? How to Use the Home Affordability Calculator
#HOUSE BUYING BUDGET CALCULATOR PLUS#
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