How Much Can You Af­ford?

Sun Sentinel Broward Edition - Homespot - Broward East - - FRONT PAGE -

Us­ing your mort­gage

amount and the in­ter­est rate of the loan you are con­sid­er­ing, this con­ve­nient chart can help to de­ter­mine how much your monthly pay­ment will be for a 30-year fixed loan.

If the home you are pur­chas­ing costs more than $750,000, you can still use the chart. For ex­am­ple, to de­ter­mine the monthly pay­ment for an $800,000 mort­gage— just dou­ble the monthly pay­ment for one that is $400,000.

Re­mem­ber, the monthly amount shown here does not in­clude pri­vate mort­gage in­surance (PMI) for bor­row­ers who put down less than 20 per­cent, and also in­surance and taxes. Since all of these can sig­nif­i­cantly in­crease the amount of your monthly pay­ment, it is wise to do your home­work first so there are no surprises when it comes to what you can af­ford.

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