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Home >> Lending >> Home Mortgage
Trying to Calculate Mortgage Expenses
My wife and I are considering buying/building our first home. We are trying to calculate how much we can afford and/or what our payment will be? Online there are many, many calculators to help determine this, but they seem to vary widely in their answers. Is there one that might be more accurate than the others or one that you recommend? Also, I have heard that as a "ballpark" estimate that one can basically figure a house payment + taxes will be about $1,000 for every $100,000 borrowed. Is that fairly correct? What is the average loan rate percentage or more accurately, where can I find this for my area? |
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 Mortgage terms and qualifications vary widely. While we offer calculators here, they are not all encompassing. None are. They are generally close enough to shop with, but they will most likely never be exactly what you end up with when you get a loan. There can always be some variance.
As to how much home you can afford or should have, a realtor making a commission will often tell you to buy as much as you can afford. A lender may have a different guide based on your monthly or annual income. It does vary by who you ask, and what their perspective is. The bottom line is, what amount are you comfortable with; can you meet that obligation month after month, and is that the home you want?
Published on BankingQuestions.com 12/10/08
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