Calculators – Fredrica Williams

How Much Can You Afford?



Let us help you find out what you can afford!

Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To e-mail yourself a copy of your results, click the Receive this Detailed Analysis link.

Required Fields
   
    %
$
$  (20%)
$  (0.43%)
Estimate Insurance to of Cost
$  (1.2%)
Estimate Tax to of Cost
$
$
Optional Fields
   
   
$
Results

Your Monthly Payments
 
Loan Amount: $120,000.00
Loan Insurance (0%): $0.00
Total Loan (Mortgage) Amount: $120,000.00
 
Principal & Interest: $633.40
Homeowners Insurance: $53.75
Property Taxes: $150.00
Condo Fees: $0.00
Monthly Loan Insurance (0%): $0.00
Total Monthly Payment: $837.15
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment: $837.15
Total Monthly Debt Payment: $2,837.15
Monthly Loan Insurance (0%): $0.00
Qualifying Income of 28% GDS Ratio: $35,878.04
Qualifying Income of 36% TDS Ratio: $94,571.81
What You Can Afford
We are using the 36% ratio.
Cost of House: $294,523.03
Down Payment: $30,000.00
Loan Value: $264,523.03
Monthly Principal & Interest: $1,396.25
Monthly Insurance: $53.75
Monthly Property Tax: $150.00
Monthly Condo Fees: $0.00
 
Cost of House = [(Monthly income x Debt Ratio) –
monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %
 
Your customized rent versus own analysis is based upon:

An initial monthly rental payment of $500.00. We assume that your rent will increase by 2.5% per year.

You are considering buying a home valued at $150,000.00, with a down payment of 20% or $30,000.00. Your monthly mortgage payment of $633.40 includes both principal and interest and is based upon a loan amount at an interest rate of 4%. Because your down payment is less than 20 %, we have included Mortgage Insurance to be paid on a monthly basis.

Summary:

By buying your home versus renting you will have saved $70,296.41 over the next 10 years.  (Net Appreciation – Total Investment Return + Total Rental Payment – Total Mortgage Payment)

Analysis Breakdown

Renting
Total Rental Payment:  $70,820.29
Down Payment:  $30,000.00
Interest Earned:  $18,866.83
Total Investment Return:  $48,866.84
Owning
Total Mortgage Payment:  $112,458.51
Home Value:  $232,945.41
Remaining Loan Balance:  $72,143.95
Net Appreciation:  $160,801.46

facebook sharing button
twitter sharing button
email sharing button
pinterest sharing button
whatsapp sharing button
copy link sharing button
arrow_left sharing button
arrow_right sharing button
Calculators – Fredrica Williams
Header Image

How Much Can You Afford?



Let us help you find out what you can afford!

Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To e-mail yourself a copy of your results, click the Receive this Detailed Analysis link.

Required Fields
   
    %
$
$  
$  
Estimate Insurance to of Cost
$  
Estimate Tax to of Cost
$
$
Optional Fields
   
   
$
Results
Receive Detailed Analysis  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
 
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
 
Cost of House = [(Monthly income x Debt Ratio) –
monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %
Contact Us – Fredrica Williams
Header Image

VISIT US! We are Located on 490 Somerset St. North Plainfield, NJ 07060

[affordability-calc-wppluginbox]