Use the Mortgage Payment Calculator below to estimate the payment amount for your home loan.
How Much Mortgage Can You Afford?
When purchasing a new home, most buyers choose to finance all or a portion of the purchase price via the use of a mortgage.
Mortgage calculators can be used to answer such questions as:
If one borrows $250,000 at a 7% annual interest rate and pays the loan back over thirty years, what will the monthly payment be?
The answer is $1,646.51.
You can use an online mortgage calculator to see how much property you can afford. The typical mortgage calculator does not include costs like maintenance costs, refurbishment, insurance, and other extra costs like service fees, property management costs, etc. However, generally speaking, lenders do not like to see all of a borrower’s debt payments (including property expenses) exceed around 40% of total monthly pretax income. Some mortgage lenders are known to allow as high as 55%.
Use our Mortgage Payment Calculator to get an estimate of how much mortgage you and your family can afford or to see what your payments will be on a loan amount.