How Much Can I Afford?

Estimates a required salary for a desired mortgage.

See if Your Income is Sufficient to Qualify

 

Summary

Your salary must meet the following two conditions:
  1. The sum of your monthly mortgage (principal and interest), monthly property tax and monthly homeowners insurance must be less than 28% of your gross (pre-tax) monthly income.
  2. The sum of your monthly debt payments including but not limited to your monthly mortgage payment (principal and interest), monthly property taxes, monthly home owners insurance, monthly car payments, monthly student loan payments and other monthly debt payments must be lower than 35% of your gross (pre-tax) monthly income.

These calculations are estimates only and do not constitute an offer to finance your loan. There is no warranty for the accuracy of the results or the relationship to your personal financial situation.

DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071
 

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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©2018 A division of Finance of America Mortgage LLC | Equal Housing Lender | NMLS ID #1071 (www.nmlsconsumeraccess.org) | Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act

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