Purchase : Elite Residential Lending

How Much Can I Afford?

Term (years): Cash Available for Down Payment ($): Monthly Salary / Wages ($): Monthly Other Income ($): Interest Rate (%): Monthly Property Tax ($): Monthly Insurance ($): Monthly HOA Fee ($): Monthly Auto Payments ($): Monthly Credit Card Payments ($): Monthly Student Loan Payments ($): Other Monthly Debts ($):

Results

Home Value: $0

Maximum Loan Amount: $0

Down Payment: $0

Principal & Interest: $0

Property Tax: $0

Insurance: $0

Total Monthly Payment: $0

FYI: Calculation Logic

The affordability calculation is based on two key debt-to-income ratios:

Front-End Ratio (28%): Ensures housing expenses (including mortgage principal & interest) don’t exceed 28% of your gross monthly income.
Back-End Ratio (36%): Ensures total monthly debt payments (including mortgage, auto loans, credit cards, student loans, etc.) don’t exceed 36% of your gross monthly income.

The maximum loan amount is derived by using the monthly housing payment that fits within these ratios. The home value is then calculated by adding your down payment to the loan amount. The monthly payment includes principal & interest, property tax, insurance, and HOA fees.