How Much Can You Afford?
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.