Using the Mortgage Affordability Calculator
Mortgage affordability is an important factor that has to be taken into consideration before looking for a home. It is simply how much you can comfortably afford and should determine the budget, even if you were approved for a higher amount.
The mortgage affordability calculator uses your financial information to determine just how much you can pay each month for a home. The affordability is calculated after entering information like your monthly gross income, outstanding debts and amount of down payment.
Advantages of Knowing Mortgage Affordability
Knowing how high of a mortgage you can afford each month can potentially save you from a lot of problems down the road. Not over-extending yourself financially will help you to avoid stress, financial difficulties and possibly even foreclosure.