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How Much Can You Afford?


Don't just start shopping without knowing your looking in the right price range. You would be amazed what you can do with today's interest rates. They are the lowest they have been since the mid 1950's!

If your a first time home buyer you should know about the $8,000 tax credit. You may qualify for this even if you owned a home in the past. Click the $8000 Tax Credit tab on the left side of the page and read more about the $8,000 tax credit. It's the American Recovery and Reinvestment Act of 2009.

Let us help you find out what you can afford!

Our calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.

Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs.  To email yourself a copy of the results, click the Receive this Detailed Analysis link. Better yet you can call Robyn @ Summit Home Mortgage for a more accurate assessment of your personal situaition. Click on the Mortgage link on the left.

Required Fields
Estimate Insurance to of Cost
Estimate Tax to of Cost
Optional Fields
Receive Detailed Analysis  Receive this Detailed Analysis

Your Monthly Payments
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
Cost of House = [(Monthly income x Debt Ratio) –
monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %