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Buying Process

The Search Begins Finding the Right Home Financing Your Home Closing the Deal Preparing to Move In
How Much Home Can You Afford?

If you are searching for Mankato real estate, contact a Coldwell Banker Welcome Home real estate agent for more information. When you buy a house in Southern Minnesota you may need a home mortgage. We have tools to help you determine how much financing you may be approved for, based on how much you can afford to spend on a home loan.

Use this handy calculator to help figure out how much you can afford to spend on a home.

Enter your Gross Annual Income (before taxes): $
Gross Monthly Income: $
Monthly Allowable Housing Expense and Long-Term Obligations
38% of gross monthly income is usually allocated
for prinicpal, interest, taxes, insurance, and monthly long-term obligations
$
Enter your Monthly Obligations
Credit Cards, Child Support, Car Loans, etc.
$
Monthly Allowable Housing Expense
Should not exceed 33% of monthly income
$
Monthly Principal and Interest Payment
80% of the Allowable Housing Expense is usually allocated to the principal and interest, excluding taxes and insurance
$
Estimated Mortgage Amount
8% loan amortized over a 30-year term
$
Estimated Affordable Price
80% of the estimated mortgage amount, assuming a 20% down payment
$
 

If you would like our help with this worksheet, ask your Coldwell Banker Welcome Home Sales Associate or Contact Us Here.

This material is intended for example purposes only and is not a commitment for financing. This worksheet is intended for use on primary residences. Your rate and affordable price will vary, depending on the size of your down payment, specific terms of your loan, other monthly obligations and the amount of assessment fees, if applicable.

If you're not currently working with a real estate agent, Find  a professional who meets your needs or Contact Us.

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