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How Much Can I Afford?
See if Your Income is Sufficient to Qualify
Desired Mortgage for New Home

Mortgage Term

 Years
Interest Rate/APR %
Annual Tax
Total Monthly Payments in Non-Mortgage Debt (i.e. car, student loans, credit cards, etc).
 
Summary
Monthly Principal + Interest
Total Housing Payment (tax & insurance included)
Required Salary

Your salary must meet the following two conditions:

  1. Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
  2. Your gross (pre-taxes) monthly salary must be greater than 36% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.


Money Matters Midday- Starring June Knight and featuring our own Bob Kalagher every Wednesday morning beginning 12/2/2009 Money Matters Midday is a daily radio show that airs on 1390 WPLM-AM, 1120 WBNW AM and 970 WESO AM from 12:00 to 3:00 , covering most of Southern New England.
Hosted by June Knight.
Here's the link: http://moneymattersradio.net/

www.myclosingconnection.com

We lend in the following states : MA, RI, ME, NH, FL, CT
Massachusetts License MC3064 Rhode Island License Number 20051871LL
Maine License Number #SLM8280 Florida License ID: ML0600221
Licensed by the New Hampshire Banking Department,
First Mortgage Broker and Banker License No. 8882-MBB,
State of ConnecticutDepartment of Banking,
First Mortgage Lender/Broker No. 18804,
Second Mortgage Lender/Broker No. 18805
     
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