WebYou can find your maximum purchase price using: down payment amount - $25,000 / 10% + $500,000. For example, if you have saved $40,000 for your down payment, the maximum home price you could afford would be $40,000 - $25,000 = $15,000 / 10% = $150,000 + $500,000 = $650,000. Naturally, as your affordability is also a function of your income … WebFeb 10, 2024 · FHA loan: 3.5 percent. For an FHA loan insured by the Federal Housing Administration, the minimum down payment is 3.5 percent, provided you have a credit …
Mortgage Payment Calculator - NerdWallet
WebP = the principal amount. i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your ... WebThe David's are thinking of purchasing a house. The house costs $420, 000 and they have saved $180, 000 as a down payment. The rest will be secured by a mortgage. The bank is offering a 25-year mortgage with a term of 3 years at a rate of 7% (APR) requiring monthly payments. a) Calculate the amount of each payment. thin red dime
Down Payment Calculator: Calculate Your Down Payment
WebApr 13, 2024 · Assuming you have a 20% down payment ($50,000), your total mortgage on a $250,000 home would be $200,000. For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a $898 monthly payment. Please keep in mind that the exact cost and monthly payment for your mortgage will vary, depending its length and terms. WebHow much home can I afford if I make $180,000? You can afford to pay $4,200 per month for a mortgage. That would be a mortgage amount of $700,524.78. With a down … WebFeb 11, 2024 · Use the calculator to determine down payment and monthly payment of a house. Purchase Price $ Down Payment $ Percent Down % Interest Rate % Loan … thin red chili