Mortgage Calculator

Knowing how much home you can afford is important information to have if you are thinking of selling your home. Using the calculator below you can find out how much of a monthly payment you can afford, or that are most comfortable with. Here's how it works:

1. First, plug in the amount you will need to borrow on top of your down payment. For example, if you are buying a 300,000 home, and you are putting 20% down ($60,000) your Mortgage amount will be 300,000 - 60,000 = 240,000.

2. Next plug in the interest rate you can expect to qualify for. The rate changes depending on your credit history and the type of mortgage you need, but it will be around 6%.

3. The 'number of payments' will be the total number of months needed to pay back the loan - eg, if you get a 10 year mortgage, that is 10 x 12 months, or 120 months.

4. Monthly Taxes and Assoc Fees(if applicable) - most tax numbers you see associated with property listings are annual payments, so dont forget to divide this number by 12 to get the MONTHLY tax amount.

5. Hit 'calculate payment' to see what your estimated mortgage payment will be. If you have any questions or difficulties understanding your mortgae, call me! That's what I"m here for, to help ensure your buying experience as easy and a smooth as possible.

Jim Chafin.