|
|
HOME AFFORDABILITY
About this calculator:
| • |
To arrive at an "affordable" home price, we followed the guidelines of most lenders. We've allowed a total debt-to-income ratio of no more than 36 percent. And we have assumed a housing payment-to-income ratio of 28% for our conservative estimate, and 33 percent for the aggressive one. Before buying, however, you should also factor in other savings needs, including retirement and college. |
| • |
ASSUMPTIONS: We've assumed a 30-year mortgage term, annual property tax of $3,500 and homeowners insurance of $481 -- the national average. And we do not factor in private mortgage insurance, which you'll owe if your downpayment is less than 20 percent of the purchase price. It averages from $50 to $80 per month. Plug in your own numbers for more tailor-made results.
|
|
Other Calculators |
|
|
|
|
|
|
