Want to know how much of a mortgage loan
amount you can afford to take out? This calculator takes into
account your current monthly income, the loan amortization
term (15, 20, 30 years), interest rate you get and the down
payment that you put down. It also asks you for your monthly
housing and other expenses. Here is a sample input/output
done by the calculator:
refinance calculator
| Monthly Income |
$5,000 |
| Loan Term |
20 years |
| Interest Rate |
6% |
| Down Payment |
$20,000 |
| Monthly Housing expenses |
1000 |
| Other monthly expenses |
1000 |
Sample Output
| Purchase Price (loan + down payment) |
$7,916.15 |
| Upfront investment (down payment + closing costs) |
$19,162.52 |
| Loan amount |
$27,916.15 |
| Closing costs (3% of loan amount) |
$837.48 |
| Monthly payment |
$200.00 |
|
