Loan Term: The standard option is typically 30 years (which equals 360 months).<\/p>\n\n\n\n
Include PMI: PMI stands for Private Mortgage Insurance, which is required if your down payment is less than 20%. If you put down 20% or more, you do not pay this. Check this box only if your down payment is under 20%.<\/p>\n\n\n\n
Include Taxes\/Insurance: This asks whether to include property taxes and home insurance. Be sure to select this option to get an accurate calculation.<\/p>\n\n\n\n
Property Tax: The calculation can be complicated, so you can just leave it at the default value.<\/p>\n\n\n\n
Home Insurance: You will need to contact an insurance company directly to verify this exact cost. As a rough estimate, a 2-bedroom condo\/apartment is usually around $1,500 per year.<\/p>\n\n\n\n
HOA Dues: This applies usually to condos and townhouses, and represents the monthly management\/maintenance fee. However, there are places where an HOA is organized even for single-family houses. In this case, you need to enter the exact amount. <\/p>\n\n\n\n
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Once you enter all the fields, the results will automatically generate on the right side.<\/p>\n\n\n\n
The amount shown under \u201cYou can afford a house up to $000,000\u201d<\/strong> is the maximum home price you can purchase based on your annual income.<\/p>\n\n\n\nSubtract your Down Payment amount from this number, and that is the total loan amount you can receive. <\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The simple answer is that you can generally expect to borrow arround 4 times your annual income. *** Click here to find out: <What should my annual income be to buy a home at a certain price?> Calculator Affordability Calculator Click the link above to open the calculator in a new window. Please fill it out… <\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"class_list":["post-64","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/balancekim.com\/mortgage\/wp-json\/wp\/v2\/pages\/64","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/balancekim.com\/mortgage\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/balancekim.com\/mortgage\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/balancekim.com\/mortgage\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/balancekim.com\/mortgage\/wp-json\/wp\/v2\/comments?post=64"}],"version-history":[{"count":9,"href":"https:\/\/balancekim.com\/mortgage\/wp-json\/wp\/v2\/pages\/64\/revisions"}],"predecessor-version":[{"id":212,"href":"https:\/\/balancekim.com\/mortgage\/wp-json\/wp\/v2\/pages\/64\/revisions\/212"}],"wp:attachment":[{"href":"https:\/\/balancekim.com\/mortgage\/wp-json\/wp\/v2\/media?parent=64"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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