Mankato and Surrounding area real estate / Coldwell Banker Welcome Home Realty / How much can I afford?

Buying Process

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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