Affordability Mortgage Calculator

Calculate your Purchase Amount and review your loan options.

Frequently Asked Questions

How do you calculate the home price I can afford?

We determine the maximum home price you can afford and what the best loan program is for you by analyzing the information you give us alongside the most up-to-date rates in your area.

 

NOTE: The results form this calculation is just an estimate. To receive an actual custom quote or see if you qualify for a loan, complete our online mortgage application or call to speak with one of our mortgage loan professionals.

 

How do I calculate my monthly debt?

The process for getting approved for the mortgage you want is all about how much debt you have factored with your potential mortgage payment, compared to your income. You must stay within certain ratios (guidelines determined by loan type) to see how much you can afford for a mortgage payment.

Large debt payments like an auto loan or high credit card balances can limit your mortgage approval amount. We encourage you to let us know any and all debts so we can accurately assess your ability to secure a loan.

 

How much do I need for a down payment and closing costs?

Most buyers need at least 3.5% of the home price for their down payment.

You’ll also need to pay closing costs, which can range from 2% to 5% of the loan amount.

 

Where do I get the amount for the Annual Estimated Property Tax?

Property Tax amounts vary by where the property is located and the assessed home value of the home. You could find this information on county records for the given property you are interested in. Typical rate in Florida is 1.1% of the assessed home value.

 

Where do I get the amount for the Annual Homeowners Insurance?

Homeowners premiums in different county’s and locations vary widely, and depending on where you live, the average cost of home insurance in Florida may range from approximately $800 to $2400 per year.

 

How much should I spend on a home?

The amount you should spend on a home is unique to your financial situation. It’s important to make sure that the monthly mortgage payment is manageable and that you won’t be struggling to make ends meet every time the mortgage bill is due.

 

How do I calculate my monthly mortgage payment?

Once you know the home price you can afford, use our Purchase Mortgage Calculator to get an estimate of how much you could expect to pay monthly based on today’s rates.

 

Why do you need to know the County in Florida?

We use the county to determine maximum loan amounts available through government loan programs in that area.