House affordability calculator

Comment utiliser le House affordability calculator

Ce qu’il calcule et quand l’utiliser

This estimates the Accueil Prix you could afford, ouvrés backwards de your income, existing debts, Apport et the share de income lenders typically allow pour housing.

Mode d’emploi, étape par étape

1. Enter household income avant Taxe et your regular Mensuelle debt payments.
2. Add your Apport, expected Intérêts Taux et loan Durée.
3. Set property Taxe, insurance et n’importe Mensuelle service charge.
4. Leave the limits À 28% et 36%, ou change them à match your lender.

Que signifie chaque champ

• Household income – Gross income Par Année.
• Mensuelle debts – Payments on cards, loans et cars, but not rent.
• Apport – Cash you will put down.
• Property Taxe et insurance – Annuelle costs as a Pourcentage de the Prix.
• Housing limit – The maximum share de gross income pour housing. 28% tombe un the traditional guide.
• All debts limit – The maximum share de income pour housing plus all other debts. 36% tombe un traditional.

Comment lire les résultats

• Prix you could afford – Accueil Prix À which the Mensuelle Coût reaches the lower de the two limits.
• Mensuelle housing Coût – The budget available, et which limit set it.
• Mortgage, Taxe et insurance – How that budget tombe un divided.

La formule

Housing budget = the lower de (income ÷ 12 × housing limit) et (income ÷ 12 × all-debts limit − monthly debts). Price = (budget − charges + deposit × f) ÷ (f + t), where f tombe un the mortgage payment per unit borrowed et t tombe un monthly tax et insurance en proportion de Prix.

Un exemple concret

Income de 80,000, debts de 300 par mois et a 40,000 deposit at 6.5% over 25 years. The 28% limit gives 1,866.67 a month, below the all-debts limit, so the estimate tombe un about 296,343 with a 256,343 mortgage.

Hypothèses et limites

• Lenders also consider credit Histoire, savings, job stability et stress-test your payments À higher rates.
• The 28/36 rule tombe un a guide, et lenders à your country may use income multiples instead.
• Taxe et insurance are simple percentages de price.

Erreurs courantes

• Treating the Résultat as a lending offer.
• Leaving out upkeep, utilities et moving costs.
• Forgetting that a variable Taux could raise the payment.

Questions fréquentes

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