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With interest rates near historic lows and housing prices on the rise, many home buyers are considering buying a house. Our calculators can help determine how much house you can afford and which loan type may be most advantageous for you.
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Calculate Your Mortgage Affordability
Calculating your mortgage affordability starts by entering all of your monthly minimum debt payments on credit cards and other fixed obligations (student loans, auto loans, and other fixed mortgages) into Credit Karma’s site. Doing this will give you an indication of how much money is left over for spending on a monthly mortgage payment.
Next, calculate your housing costs – property taxes, homeowners insurance, and mortgage interest rates – to come up with the total down payment needed for the purchase of a home. Doing this will enable you to decide if making larger deposits is beneficial for you.
Keep in mind that your housing expenses must not exceed 28% of your gross monthly income. This ensures you have enough money for other costs and avoid becoming house poor.
Bankrate’s mortgage calculator can give you a better idea of how different purchase prices, interest rates, and down payment amounts will impact your budget. This is especially helpful if you plan to put down a substantial amount of money.
Once you have an estimate for your monthly debt payments, it’s time to consult a mortgage loan officer about which mortgage type best meets your needs. There are various options available, such as FHA loans which have lower down payments and a lower credit score requirement than many conventional mortgages.
According to the Federal Housing Administration’s mortgage affordability rule of thumb, your total monthly housing expense should not exceed 28 percent of your gross monthly income. This rule applies both to conventional and FHA loans alike; however, it is particularly critical with FHA loans since they require a low down payment.
Lenders typically require you to have at least three months’ worth of housing payments and expenses saved up, providing a cushion in case any emergencies or financial setbacks interfere with your ability to make mortgage payments. Furthermore, it’s essential to save for ongoing repairs and maintenance expenses as well.
Calculate Your Monthly Payment
Utilizing the right loan program and lender for your home purchase will save you money in the long run. Selecting a mortgage provider is much like selecting an insurance provider for car or health coverage – start with a licensed broker – or two! Shop around to find the most competitive rate and terms. This should be an enjoyable and rewarding process as you’ll be rewarded with your new place to call home as well as the security of a low-interest mortgage.
Calculate Your Down Payment
A down payment is an essential element in the home-buying process. Not only does it demonstrate your commitment to homeownership, but it also helps you save on mortgage insurance, property taxes, and HOA dues. By contributing enough money upfront to qualify for a competitive interest rate, you can score affordable monthly payments that won’t put you under financial strain.
When selecting the size of your down payment, there are a variety of factors to consider such as your budget, goals, and current situation. Generally speaking, higher down payments are better for both your wallet and credit score. In addition to the standard 20 percent requirement, many lenders provide various incentives to get you started with minimal cost.
A down payment calculator is an invaluable resource to help determine how much money you need for your dream home purchase. There are various options, from online calculators to free tools provided by local organizations. With these, you can see exactly how much money is needed for the down payment, closing costs and mortgage insurance. When selecting the most suitable calculator, take into account factors like mortgage size, savings level and credit history. If assistance with the down payment is necessary, consider reaching out to a nonprofit housing resource center or mortgage professional with experience working with first-time and low-income buyers.
Calculate Your Closing Costs
Closing costs are the last expenses buyers and sellers must pay to complete a home purchase. Lenders must provide you with a Good Faith Estimate of closing costs after you apply for a loan, so you can understand all fees involved in your transaction.
Closing costs vary based on the loan you qualify for and the property being purchased, but generally range between 2% and 5% of the overall home price.
Though these numbers may seem daunting, there are ways to reduce your closing costs. One option is shopping around for services recommended by your lender and negotiating fees with the seller.
You have the option to defer your closing costs until a later date, giving yourself more money for use towards down payment or other essential costs.
Our calculator helps you calculate potential closing costs so you know how much you can afford to spend on a new home. It takes into account both lender fees and third-party costs, giving you an accurate representation of what you’ll pay at the closing table.
Lender fees typically include a credit check and appraisal fee, as well as other charges associated with the origination of your loan. You may have to pay for title searches, lender’s title insurance, property transfer taxes and transaction recording expenses.
Many lenders fail to include fees in their loan estimates or prequalification calculators, which could add thousands of dollars onto your closing costs. Therefore, it’s wise to get an estimate before beginning the search for a lender.
Additionally, it’s wise to request an updated loan estimate in order to confirm that all costs listed in your original estimate remain accurate and no unexpected fees arise at closing. In some cases, costs can increase up to 10% between your original loan estimate and closing disclosure; thus, be aware of any increases during this stage of home buying.
