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Home Affordability calculator - How much house can you afford?
Home Affordability calculator - https://www.zillow.com/mortgage-calculator/house-affordability/ Property Tax calculator - https://smartasset.com/taxes/property-taxes Mortgage interest rate calculator - https://www.zillow.com/mortgage-rates/ How much home can you afford given a certain income? How much money does it take to buy a house? What is a comfortable payment to take on? How much house can I buy with bad credit? Should I do FHA or Conventional loan? These are most of the questions first time homebuyers have. In this video I’m going to share with you a free online tool that I personally used when I was looking to buy a house a few years ago. I found this tool has been the most accurate and my current monthly mortgage is exactly what I estimated using this tool. I will walk you through each entry and explain further so you can plug in your own numbers and have an accurate estimate for yourself. • Annual income o This is how much money you make per year before taxes…you should put your household income in here. • Monthly debts o This is current debt payment you are making per month. • Down payment o Most home loans require a down payment of at least 3%. A higher down payment can lower your monthly payment and increase your affordability. 20% down payment will eliminate PMI (Private mortgage insurance). • Debt to income o This is automatically set to 36%, but the golden rule is your monthly mortgage payment should not exceed 30% of your gross monthly income. • Interest rate o This is pre-filled with the current average mortgage rate. Your interest rate will vary based on factors like loan term credit score and down payment. • Loan term o This is how long you will have a mortgage 360 is equal 30 years. So change this to 180 if you want 15 year mortgage • Property tax o This is the tax you will be paying for your house and will vary based on location and home value…you can use this calculator to get a better estimate https://smartasset.com/taxes/property-taxes • Homeowners insurance o This is like car insurance but for your home. Law requires it and price can vary based on a lot factors… Home Affordability calculator - https://www.zillow.com/mortgage-calculator/house-affordability/ Property Tax calculator - https://smartasset.com/taxes/property-taxes Mortgage interest rate calculator - https://www.zillow.com/mortgage-rates/