MORTGAGE CENTER

The price you can afford to pay for a home will depend on six factors:

1. gross income

2. the amount of cash you have available for the down payment, closing costs and cash reserves required by the lender

3. your outstanding debts

4. your credit history

5. the type of mortgage you select

6. current interest rates

This chart can help you determine, on a monthly basis, how much home you can afford. To use it, simply find the monthly house payment you can afford and read across to the nearest current interest rate. Where the two cross will give you an approximation of how much mortgage your maximum monthly payment will buy. To calculate the mortgage for higher income monthly payments, combine the mortgage amounts for the monthly payments. (Ex: A monthly payment amount of $3,500 you would combine the amounts for $2,000 and $1,500. With a current interest rate of 9% you would combine $248,564 plus $186,423 equals a $434,987 mortgage.)

Monthly
Payment	6.0%	6.5%	7.0%	7.5%	8.0%	8.5%	9.0%	9.5%	10.0%

$ 500.00	$83,400	79,100	75,154	71,509	68,142	65,027	62,141	59,463	56,975
$ 750.00	125,095	118,660	112,731	107,263	102,213	97,540	93,211	89,195	85,463
$1,000.00	166,790	158,210	150,308	143,018	136,283	130,054	124,282	118,927	113,951
$1,250.00	208,590	197,760	187,884	178,772	170,354	162,567	155,352	148,659	142,439
$1,500.00	250,190	237,310	225,462	214,527	204,425	195,081	186,423	178,390	170,926
$1,750.00	291,890	276,870	263,069	250,281	238,496	227,594	217,493	208,122	199,414
$2,000.00	333,585	316,420	300,616	286,036	272,566	260,108	248,564	237,854	227,902

Payments are based on a 30-year amortization and include principal and interest only.

Mortgage loan calculators are available for your use at RealEstateABC. Just click on the link below to view several loan calculators.