One of the first steps in looking for a new home should be finding out just how much home you can afford. We have provided you with a great tool to figure out approximately how much you can afford and by filling out the calculator below you will have a starting figure as to how much you can afford. This is of course just a tool and you will need to get pre-qualified by a mortgage lender once you are serious about looking for a new home. At Rockford Real Estate we have several lenders that we work with and if you would like more information or a list of these lenders please contact us.
ABOUT THIS CALCULATOR:
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. Please note that if your downpayment is less than 20 percent of the home's purchase price, you'll owe private mortgage insurance. PMI averages from $50 to $80 per month, but can climb to $150 or more on higher priced homes.
*Include auto and student loans, alimony, child support payments and credit card payments.