What Can I Afforrd?

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What Can I Afforrd?

Affordability is a genuine concern given the current state of the economy and the disarray in the real estate and mortgage markets. The fortunate thing is that property prices have come back down where they needed to be. For more on that check out my blog by clicking here. Long gone is the day where you could state your income and buy anything you wanted. Funny thing, lender's would like to be paid back for that loan; so we need to choose our next purchase more carefully. What this calculator is not taking in to consideration is that on top of the loan, you also have property taxes, insurance and quite possibly association dues. For the price calculator you will want to select 2.15% for the annual tax and insurance calculation for Arizona.

Loan Calculator

Amount of Loan:
Annual Interest Rate (%):
Term of Loan:
Monthly Loan Payment:

Property Price Calculator

Monthly payment you can afford:
Cash available for down payment and closing costs:
Annual mortgage interest rate (%):
Term of mortgage loan:
Closing costs (as % of home purchase price) {Use 2.6% for Arizona}:
Estimated annual homeowner's & mortgage insurance & property taxes (as annual % of home sales price) {Use 2.15% for Arizona}:
Approximate price of house:

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