|Annual Income: (Before Tax)||Co-Applicant Income: (Before Tax)|
|Monthly debt payments||Monthly Living Costs|
|Credit Card||Property Tax|
|Car Payment||Condo Fees|
|Other Loan Expenses||Heating Costs|
Mortgage Affordability Calculator Before you take a mortgage loan, you must know whether you can afford the same or not. This is very crucial to understand because your entire monthly or yearly budget can depend on the same. Once you become sure about the affordability of the mortgage, then you can easily plan your next financial moves throughout the year. To ensure the affordability of the mortgage loan you can take the help of our mortgage affordability calculator.
At Rate Trade, we always try to help our clients in getting an easy, smooth and fast process for their mortgage loan. We try to help them with the right services so that they can make themselves completely prepared and well-versed about such type of financial deals.
Figure Out Your Affordability Whenever you plan to purchase a new home, you should try to determine how much you can afford for this deal. Your affordability mainly depends on few factors;
- Your monthly income
- Your monthly expenditure
- The expenditures those are associated with the purchase of that property
How The Lenders Determine Your Affordability There are two ratios that the lenders look at while determining your affordability; one is the Gross Debt Service or GDS and the other one is Total Debt Service or TDS. They consider your monthly income as well as total debt load while offering you the loan.
What Is The Use Of The Calculator The calculator will help you to understand your affordability for a certain property. You need to submit the information on the calculator that is essential to check your affordability. Once you give all these details about your income, expenses and the cost of the home, then our calculator will start calculating the result. This result will show you whether you can afford that home or not as per your present financial status.
Remember that you can use this calculator only to get an estimate of how much money you can be approved for your mortgage loan.