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Helpful home buying tips, information and calculators.

Before you start your house-hunting trip, you should know what price range is realistic for you. You can get a rough idea of what many lenders think you can afford from this worksheet. Then, go to our mortgage estimator to automatically calculate your monthly payment based on a known loan amount.

If you're uncertain, click here for Advantage Home Mortgage to learn about prevailing rates, required down payment percentages, and loan terms.

What Can You Afford?

Mortgage Estimator

Loan Pre-approval

The following two calculators works with any Java Script enabled web browser (e.g. Netscape 3.0 or higher or Microsoft Internet Explorer 3.0 or higher).

What Can You Afford?

This calculation works as follows:

INPUTS

Annual Gross Income:

Monthly Long Term Obligations		Mortgage Information
Child Care	$	Down Payment:	$
Association Dues	$	Annual Interest Rate:	%
Autos	$	Number Years:	yrs
Other	$

ANSWERS

Maximum Monthly
Mortgage Payment:
$

Maximum
Purchase Price
$

Lenders typically allow the lessor of these two calculations as your Maximum Monthly Expense:

a) 28% of your monthly gross income, or

b) 36% of your monthly gross income less any long term obligations.

Mortgage Estimator

If you're trying to calculate your available loan amount based on the monthly allowable payment above, simply adjust the loan amount until the monthly payment below matches the monthly payment above.

The monthly amount must cover your taxes and insurance, which typically amount to about 20% of your monthly payment.

Loan Pre-approval

Should You Get "Pre-Approved" for a Loan?

Many more buyers are applying for a loan and obtaining approval BEFORE they find the home they want to buy. Here are several benefits of Pre-Approval:

You know your buying power and can consider homes in the "right" price range.
You may close more quickly.
You minimize the trauma of not knowing whether you qualify for the loan on the home of your dreams.
You have a stronger negotiating position with sellers if you have been "pre-approved".
Sellers will consider your offer to purchase more seriously.

We can help you shop the market for a loan.

Katz Real EstateTeam
of Prudential Henry & Burrows
8101 College Boulevard, Suite 100
(913) 661-8519 FAX: (913) 451-2192 E-Mail US

Equal Housing Opportunity


Prudential Henry & Burrows REALTORS^® is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc.
	is a service mark of The Prudential Insurance Company of America.