Our Home Affordability Calculator is a great tool for first-time home buyers to calculate monthly payments at various sales prices and down payments.
Why not just use the information immediately available online?
If you click through to discover the underlying criteria, it is generally based on 20% – 25% down, a credit score of 760+ and a loan amount under $647,200 for a single family home.
If any single variable differs in your situation, the interest rate and monthly payment will be different, sometimes significantly.
Imagine this:
You research interest rates, down payment, property taxes, estimated homeowner’s insurance and put it all together to determine the maximum sales price that will match your desired monthly payment. Then you confidently apply to get pre-approved for a mortgage just to have your loan officer tell you that most of the information used for your calculations was not accurate for your specific situation. Suddenly the homes you have been viewing online and hoping to buy are beyond your budget.
We created this Home Affordability Calculator so you don’t suffer the same disappointment!
As an added bonus, if your find a dream home online that is a higher sales price than you anticipated, you can quickly input the new numbers to confirm it meets your budget or if realistic adjustments can be made to the budget to buy it, subject to also being within your mortgage pre-approval maximum.
Do you know…..
– Variations in down payment, credit score, property type and mortgage program can significantly impact your interest rate?
– Credit score and down payment also impact your mortgage insurance on a Conventional loan?
– Conventional and FHA maximum loans vary by county?
– Maximum household income to get a 3% down conventional loan varies by county?
– Conventional or FHA loan, which will give you a lower monthly payment?
– Loan amounts above $647,200 have higher interest rates that are rarely advertised?
– California property taxes are reassessed on a purchase so the property taxes shown online are rarely accurate?
Our Home Affordability Calculator Removes the Guess Work!
Select the California county where you want to purchase a home and our Affordability Calculator will accurately calculate:
– The minimum down payment
– The maximum Conventional and FHA loan for the county
– The maximum household income per county for a Conventional 3% down payment loan for the county
Get Today’s Rates for your specific credit score, down payment, property type, zip code and mortgage product (Conventional and FHA).
Additional important features include:
– Monthly mortgage insurance is accurately calculated based on your credit score and down payment
– Estimated homeowner’s insurance and property taxes auto-calculates based on the purchase price
– Conventional and FHA or Conventional and VA monthly payments are both calculated so you can quickly compare which is the best option
The lower of the two monthly payment flows to your budget so you can quickly check the impact of different sales prices and/or down payments on your monthly cash-flow!
Helping You Make Smarter Mortgage Choices!
Get a Custom Interest Rate Quote