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How much can I afford?
 

Monthly Income
 Income 1
 Income 2
 Income 3

Down Payment
3 % 5 % 10 %
15 % 20 %
Other: %

Monthly Payments
 Auto Loans
 Student Loans
 Installment Loans
 Revolving Accts
 Other Debts

Mortgage Information
  Interest Rate
 Term in Years
 Est. Front Ratio
 Est. Back Ratio

Instructions

Enter the total pre-tax monthly income of all borrowers. Enter the total monthly obligations of all borrowers. Include minimum monthly payments of all accounts that will not be paid off in less than 10 months to calculate your monthly obligations. Enter expected mortgage rate and term and amount available for your down payment.

Results

 
Principal and Interest: $1,122.69
Monthly Taxes: $216.67
Monthly Hazard Insurance: $60.56
Monthly Mortgage Insurance: $82.37
Total Mortgage Payment: $1,482.29
 
Monthly Income: $5,000.00
Monthly Obligations: $400.00
Actual Front Ratio: 28%
Actual Back Ratio: 36%
 
Home Value: $208,000.00
Down Payment: $20,800.00
Loan Amount: $187,200.00
Loan To Value Ratio: 90.00%

Explanation
A mortgage company uses ratios to analyze your mortgage payment. The housing payment ratio (or Front Ratio) compares your total mortgage payment to your monthly income. The total debt expense (or Back Ratio) compares your total monthly obligations including your total mortgage payment to your monthly income. These ratios are meant to be used as guides. Please contact a mortgage professional for a complete prequalification analysis.

These calculations are only estimates and should not be used to determine actual loan costs. Please consult your tax advisor for information on the deductibility of interest for tax purpose. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.

In addition to the information you entered, this calculator uses estimated of other amounts (such as monthly taxes and insurance) that may apply to your loan. Therefore, the results displayed above are only estimates and cannot be used to determine actual loan costs. Please consult your tax advisor for information on the deductibility of interest for tax purpose. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.

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7600 E. Orchard Road | Greenwood Village,  CO | 80111
Phone (303) 320-4040 | Fax (303) 331-4487 | Email info@ccmclending.com
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Licensing: AZ Mortgage Banker License #BK-090424, Lincensed by the Department of Corporations under the California Residential Mortgage Lending Act; Colorado: to check license status of your mortgage broker visit: http://www.dora.state.co.uc/real-estate/index.htm. Illinois Residential Mortgage LMB.0005759 ; MN: This is not an offer to enter into an agreement. Any such offer may only be made in accordance with Minn. Stat. 47.206(3) & (4); This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas; Some loan products may not be available in all states.