Choosing a Mortgage Your Budget Can Afford

Exclusive Summary About Budget For Home Mortgage By Louie Latour

Understanding Your Debt-to-Income Ratio

Mortgage companies use your debt-to-income ratio to determine how much you can afford. Mortgage lenders typically do not want your mortgage payment to be greater than 33% of your monthly income amount.

How to Calculate Your Debt-to-Income Ratio

When calculating your debt-to-income ratio it is important to only use income you can document.

Using a Mortgage Calculator to Determine Your Payment

You can calculate what your mortgage payment will be based on the interest rate and purchase price of your home using a simple mortgage calculator.

Budget Planning with Mortgage Calculators

Exclusive Summary About Budget For Home Mortgage By Karen Lawson

Affordability: This calculator uses information such as your present income, monthly debt payments, estimated mortgage amount, and interest rate and analyzes it in accordance with typical underwriting standards.

Amortization: Use this calculator to determine how and when a mortgage loan will be paid in full. There are also mortgage calculators that prepare amortization schedules for ARM loans, but you'll need to know specific information about a particular ARM loan in order to get correct estimates.

Monthly payment: You've found the house of your dreams, but can you afford it? You can use a payment calculator to help you decide if your dream home can potentially become a nightmare.

Refinancing: If you want to refinance, this mortgage calculator can help you compare your current mortgage to the terms and closing costs of your new mortgage.