RESOURCE CENTER  -  AREA INFO  -  HOME   Home Affordability Calculator    One of the first steps in purchasing a home is determining what is affordable. Lenders use a series of calculations to determine the maximum loan amount, and the following calculator utilizes a formula typically used by lenders. It reflects the total affordable sales price of a home based upon the household's monthly income. My online Mortgage Calculator may be used to determine the actual monthly payment.    Together these calculators provide a good starting point for determining the affordability of a home and of the monthly payments. Remember that loan parameters vary from lender to lender, so all calculations are approximate and your actual figures may vary. Please select your Gross Monthly Income and expected Interest Rate below. Gross Monthly Income Interest Rate Sales Price Please Select $1,000$1,250$1,500$1,750$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,250$4,500$4,750$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000$10,500 Please Select7.0%7.5%8.0%8.5%9.0%9.5%10.0%10.5%11.0%11.5%12.0%12.5%    This is the approximate total sales price of a home that can be afforded with your Gross Monthly Income. This calculation is based upon a 20% down payment, 30 year loan term, and 28% of your Gross Monthly Income. Note that loan requirements vary and that loan programs exist that may greatly increase affordability over a conventional loan. Consult with me for more detailed figures. Office: (928) 478-0010 - Fax: (928) 478-4451 [ HOME | RESOURCE CENTER | CONTACT US | AREA INFO | F. A. Q. ] WebSite Design by J.Daniels