Before stepping outside to go house hunting, you should find out how much you can afford. If you dont know what you can afford then it is a waste of your time, as well as a realtors time, to even go looking at houses. Knowing how much you can afford will enable you to spend your time looking at only those houses in your price range.
If youre not ready for the stress and overwhelming amount of information that comes from dealing with a lender, then using a mortgage calculator to provide you with a rough idea of how large a monthly payment you can afford is a great option.
Using a mortgage calculator is simple. Before you start, make sure you have the following information handy: your total income, savings, and monthly debts. If your spouse or another co-borrower will be on the loan, then you also need to compile this information for them as well. Once youve gathered this information, you are ready to start.
The first thing you need to do is fill in your income, which is your gross income and not your actual take-home pay, then your savings, and then your total monthly debt. Remember not to type in the commas. Most online mortgage calculators will add these...
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