Do you have an idea what you want to spend each month for a home and want to know the
estimated loan amount that the given monthly payment will pay off? Just enter the Monthly
Payment, Loan Term, Interest Rate and Down Payment.
Most lenders will require that
you pay 1/12th of your annual real estate tax and homeowner's insurance with
each mortgage payment, but this calculator
figures out how much mortgage you can afford from the Principal and Interest
part of the payment only. Be sure to subtract
out your estimate of the monthly real
estate taxes and insurance from the monthly payment you feel that you can afford
before entering it! Also, remember that the down payment you have
accumulated gets added onto the mortgage amount to give you the sale price you
can afford.
Enter only a number...no dollar signs, percent marks
or commas ($ % ,).
