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It’s fun to dream about everything you might want in a home. But when you’re ready to make that dream a reality, before you go house-hunting, you’ll need to figure out how much home you can afford.
Many factors, like your down payment, property taxes and interest rate, go into determining that number.
Bell Bank Mortgage has a handy calculator that computes the most expensive house you can buy based on the highest payment you can afford. (It does not indicate whether you would qualify for the loan.)
First, figure out what you can afford for a monthly payment, including all taxes, fees, dues and insurance.
Then, calculate how much you’ll be able to make in a down payment.
Next, you’ll need your interest rate, which varies, based on factors like the length of your loan, your credit score and your loan type. (Input different interest rates to give yourself an estimate.)
Finally, you’ll need your combined state and federal tax rate.
If you’re not sure how to fill out the calculator, our mortgage experts can walk you through the process. It’s a good idea to meet with a mortgage lender as soon as you start thinking about buying a home anyway. They’ll talk about your goals and get you on the right track for buying your dream home.
Contact one of our mortgage experts today to get started!