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Home Affordability Calculator

It’s all very well and good to know how much a mortgage payment would be, given the loan amount, interest rate, and length of the loan.  That’s what a simple mortgage calculator will tell you.

A more relevant question for many home buyers is, how much home can I afford?  Or, in many cases, how much of a loan can I get approved for from a bank?

That’s what this home affordability question is meant to help you with.  To use this calculator, you’ll need to specify how much your annual income is.  Your annual income is a figure that needs to be documented on your tax return – if you don’t declare it, you don’t earn it for the purposes of mortgage qualification.  You’ll also need to specify the down payment that you have, and the mortgage interest rate (scroll down a bit for today’s current mortgage interest rates, and plug in the number you see there).  

Lastly, you’ll need to enter your current monthly debt payments.  Add up all your credit card payments, student loans, car payments, and whatever else.  Lenders will take this into consideration when qualifying you for a mortgage.

Need help with anything?

Please let us know if there’s anything more you need.  We’re always here when you need us!  Just let us know what more we can do.

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(800) 489-8299

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Latest Podcast

Episode 51: David Aronovici on Home Inspections
31 March 2020

David Aronovici grew up in beautiful Aptos, California – in the heart of bucolic Santa Cruz County. His youthful passion as a surfer led him into a career in surf board manufacturing, which he pursued for 20 years before transitioning into real estate home inspections. When buying or selling real estate, one of the most... The post Episode 51: David Aronovici on Home Inspections appeared first on Bay to Bay Podcast. [...]

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Seb Frey, REALTOR®
Compass • Los Gatos, CA
750 University Ave #150
Los Gatos, CA 95032
(800) 489-8299

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