This calculator will help you to determine how much house you can afford and/or qualify for.
Complete or change the entry fields in the "Input" column of all three sections. The calculator will automatically recalculate anytime you press the Tab key after making a change to an input field.
Comments:
1. This is a simplified mortgage calculator and should be used for general information purposes only.
2. If your down payment is less than 25% the loan will have to be insured. Insurance premiums are charged at loan initiation and can vary depending upon the Insurer used and the amount of your down payment. Your down payment cannot be less than 5% of the Purchase Price.
3. You should allow for closing costs approximately 1.5% of the Purchase Price over and above the amount of your down payment.
4. The term of your loan will normally not equal your desired Amortization Period and as a result your Interest Rate will likely change during the Amortization Period. This will impact the amount of your Principal and Interest payment over the life of the loan.
