
CAUTION: Do NOT rely on the results from this
calculator to make financial decisions.
Interest rates vary and the tax laws change regularly. Please
contact us for assistance with your
specific concerns.
Calculate the size of loan you can afford!
You can easily calculate the approximate size of
loan that you can afford based on the length of time of your mortgage, the current
interest rate, and the maximum monthly payment you believe you are comfortable paying.
The actual loan amount you could qualify for could be
much higher or much lower than the amount that you calculate. Why? Simple, because
Mortgage professionals and lenders can offer you a variety of programs with interest rates
and loan terms. The calculator is only for informational and entertainment purposes but
can give you a fair approximation.
Here's how:
First, enter the number of payments you expect to
make. A 15 year mortgage is (15 x 12) or 180 payments, conversely a 30 year mortgage is
(30 x12) or 360 payments. Next, enter an interest rate. You can enter the interest rate as
a percentage or as a decimal. Finally enter the amount you would like your monthly payment
to be and click compute. Your principal or total loan size will be displayed in the box.
