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About the Calculator: The results shown in the Housing Affordability Calculator simply provide a perspective buyer with a reasonable affordability estimate that can be used as a guide in searching for an affordable home. It also provides a convenient tool for trying different scenarios that would affect the qualifying amount. The purpose of this calculator is to estimate the maximum qualifying amount for a home loan based on gross income, down payment, credit rating, outstanding dept, interest rate and length of the loan. The actual amount that an individual or family could qualify for may be different than what is computed in this calculator. In order to determine the actual loan amount, one would need to go to a lending institution and fill out a credit application with a loan officer. |
| Instructions: Download the Calculator Here. Then simply fill in the Green fields with your specific information to see how much house you can afford and watch as your results magically appear (See Example at right). Or try different scenarios to see how an improved credit rating or larger down payment can effect how much loan you can afford. Detailed Instructions and Explanations Are included under the "instructions" tab in the Download. |