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ABOUT THIS CALCULATOR:
To arrive at an "affordable" home price, we followed the guidelines of most lenders. We've allowed a total debt-to-income ratio of no more than 36%. And we have assumed a housing payment-to-income ratio of 28% for our conservative estimate, and 33% for the aggressive one. Before buying, however, you should also factor in other savings needs, including retirement and college.
ASSUMPTIONS: We've assumed a 30-year mortgage term, annual property tax of $3,500 and homeowners insurance of $481 - the national average. And we do not factor in private mortgage insurance, which you'll owe if your downpayment is less than 20 percent of the purchase price. It averages from $50 to $80 per month. Plug in your own numbers for more tailor-made results.
*Include auto and student loans, alimony, child support payments and credit card payments.
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Equal Housing
Opportunity
The Southwest Multiple Listing Service has not verified the information contained on this website and
is only providing information supplied by the Seller, subject to errors and omissions. The service does
not assume responsibility for accuracy of such information. Purchasers should always personally verify all information.