Mortgage affordability calculator
How much home can you afford to purchase?
With the Mortgage Affordability Calculator, you can analyze your current income against current expenses to determine an estimated mortgage amount that you would be able to comfortably afford.
Once you have filled out the inputs with your information, at the very end of the calculator form, press “calculate”.
Mortgage Affordability Calculator
To use the calculator, enter the following variables:
Enter in the following amounts to calculate your estimate:
Annual Income
Total Household Income
Monthly Debts
Credit Cards, Student Loans, Car Loans and other monthly expenses
Down Payment
How much money you will put towards your new home
Years
The life of the mortgage you are seeking (Typically anywhere between 20-40 years)
Mortgage Rate
The interest rate on the loan
Debt to income ratio
Total household income compared to total debt
Remember that there are other costs when purchasing a home. This calculator does not consider other expenses such as property taxes, rates, utility payments and HOA payments. Talk to your Herring Bank Mortgage Loan Expert for more information about which loan fits your financial situation.
What it takes to get started
What you’ll need to apply
The exact documents needed for a home loan depend on each applicants situation but in general, this is what is needed:
Tax Returns, Pay stubs, W-2’s, 1099’s, K-1’s (as applicable); Bank statements and other financial documents (retirement quarterly statement), credit history, gift letters, photo ID, rental history, etc.
Apply & await review
Meet with a loan officer
