Northern Westchester County Real Estate
 
Northern Westchester County Real Estate

Margot Friedlander ABR, e-Pro, SRES

Margot Friedlander
ABR, e-Pro, SRES

Email Margot

 

Phone:

914-234-6862 ext 221

Cell:

914-275-3312

 

 

City:

Mount Kisco Realtor

State:

New York


HOW MUCH MORTGAGE CAN I AFFORD?


 

 

How Much Can I Borrow?

To calculate the amount that you may qualify for to borrow, most lenders use a formula called the debt-to-income ratio.

An example of this may be a mortgage company may tell you that your MORTGAGE PAYMENT may not exceed more than 28 percent of your monthly income, and that your total monthly DEBT PAYMENTS, including the your mortgage payment,  may not exceed 36 percent of your monthly income.

To begin the process of buying a home, you need to first determine the maximum amount you could qualify for a mortgage.  To help you do this use the calculators below as this may help you decide whether you should be considering an upgrade to a larger home, renting a property versus buying or perhaps just refinancing.

Fill in the information requested below and click "Calculate Now".

To view the results of each calculation, click on the various tabs.

Click the "Receive this Detailed Analysis" link and a copy of the results will be emailed to you..

 

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
Results
  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
 
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
 
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %

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       Managing "The Keys"  To A Successful Sale

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