How much can I afford to borrow with a Home Mortgage ?

That largely depends on your income and current monthly debt payments. Use this home mortgage calculator to combine these important variables, determine your maximum monthly payment and an estimated home mortgage that you really can afford. Press the "View Personalized Report" button for a more detailed look.

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Definitions

Monthly Income
Total monthly income from all sources. All income should be entered before taxes.

Monthly Housing Expenses
Your monthly houses expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.

Monthly Liabilities
Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.

Monthly Housing Payment (PITI)
This is your total Principal, Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:

Monthly Income X 28% = monthly PITI
Monthly Income X 36% - Other loan payments = monthly PITI

Maximum Principal $ Interest (PI)
This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.

Start Interest Rates At
The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.

Term In Years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

We welcome the opportunity to discuss how we can assist you. We will provide you with professional, yet personal assistance in assessing your specific needs. Contact Us

This information is provided for illustrative purposes only and is not intended to constitute legal, financial or other advice. This information does not constitute an application, offer or commitment by Bank of Stanly or a representation of current tax, stock value, interest rates, investment performance or any other future performance. The accuracy of this calculator and its applicability to your circumstances is not guaranteed. You should obtain personal advice from qualified professionals.

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