Your monthly cost to cover principal, interest, taxes, and insurance (PITI)
for your new home will be $
Your mortgage will be:
$
The information above is based on the information in the boxes below. You can can edit our numbers below to match your financial
situation and then press "Recalculate" to get a better idea of how much you can afford.
Yearly Income:
Down Payment:
Current Monthly Debt Payments:
Interest Rate:
Life of Mortgage (Years):
Note that all calculation results above are rounded to the nearest integer. The monthly cost is not the same as your mortgage payment if you pay insurance and property tax separately.
How did Research Maniacs calculate how much house you can afford if you make $106,000?
Research Maniacs checked with different financial institutions and found that most mortgage
lenders do not allow more than 36 percent of a gross income of $106,000 to cover the total cost of
debt payment(s), insurance, and property tax.
Thus, in doing our calculations here, we assumed 2 percent
for insurance and property tax and 34 percent for principal and interest. Any down payment you have
will increase how much house you can afford, and any other current debt payments will decrease how much house you can
buy.
How much house can I afford with my salary?
This page was made for people making $106,000 a year and want to know how much house they can afford. If your yearly salary is different, check out this page.
How much house can I afford if I make $107,000 a year?
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