What’s the price of the home? This is used as the basis for any percentage calculations on your down payment.Think of things like title insurance and county recording fees. Where is the potential home? This allows for an estimate of third-party closing costs in your area.The calculator takes the following inputs: In addition to being able to get an affordability estimate, there is separate functionality that lets you calculate how much cash you might need to buy the home you want. In addition, your credit score is one of the key factors that determines your interest rate, the size of your down payment being the other. Based on this, lenders can calculate what your minimum down payment might be. What’s your estimated credit score? Your credit score is used in affordability estimates because it helps determine what loan options you qualify for.The biggest one is usually rent, but don’t forget about groceries and perhaps your entertainment budget if you have subscription services. How much do you pay for other expenses? Think of this as anything that’s not considered debt, but that you pay for every month.What are your monthly debt payments? This includes any existing installment payments on things like cars and student loans as well as minimum monthly credit card payments.What available funds do you have right now? This determines how much money you have available for a down payment and closing costs.Lenders consider the percentage of income that will go toward the mortgage when determining how much of a monthly payment you’ll qualify for. What’s your gross annual income? This is your income before taxes.Where are you looking to buy? This allows us, where possible, to get a realistic figure for your property taxes and homeowners insurance costs.There are several key pieces of information: The first gives you a ballpark estimate of what you can afford. There are really two different pieces of calculator functionality here. The Rocket Mortgage ® Home Affordability Calculator helps home buyers get an idea of how much house they can afford along with the amount of money needed for a down payment and closing costs on homes in their price range. If you’re a first-time home buyer, before really considering moving forward with a preapproval and getting an official budget, it helps to get an idea of the numbers involved.
0 kommentar(er)
