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Affordability calculator
Know your price range before you fall in love with a house. This gives you a comfortable number and a stretch number.
A quick guess based on your income and monthly debts. A loan officer can give you the real number.
Comfortable = all debts about 36% of income. Stretch = about 43%. 30-year loan.
This is a rough estimate to help you plan. It is not a quote, an appraisal or tax advice. Angela can give you real numbers for your home.
Understand your numbers
Your household income before taxes. Lenders look at this first.
Car loans, student loans, credit card minimums and other loans. Not things like phone or food.
All your debts, including the new house payment, come to about 36% of your income. Most people feel OK at this level.
About 43% of your income. Many loans allow it, but money will be tighter each month.
More down means a smaller loan and a lower payment. Under 20% usually adds mortgage insurance.
Tips
A pre-approval shows sellers you're serious, and it tells you your real price range.
California has programs, like CalHFA, that can help with the down payment. Ask if you qualify.
Don't use every dollar on the down payment. Keep money for moving, repairs and surprises.
Questions
Yes. A higher score usually means a lower rate, which means you can afford more.
Yes. Many loans allow 3 to 5% down, and some VA loans allow 0%.
Only if your income is steady and you have savings. Most people are happier at the comfortable number.
Talk to Angela
A quick talk with our lending side can turn this guess into a real pre-approval. Then Angela can help you find the home and negotiate the price.
Call Angela. No pressure and no cost to talk. Just honest answers about your home and your options.
