Calculators

"What payment can
I afford"?

Payment Calculator

We need to know three things to figure your ideal monthly payment:

Gross Income: To make things easier, you may enter your annual income, monthly pay, your income per pay period or even your hourly wage.
Income Frequency: If you entered your yearly income on the first line, select "Yearly", if youentered your monthly income, select "Monthly", etc.
Existing Debts Total: This is the total amount of your current monthly debt payments. Include any outstanding loans (including automobile leases) and credit card payments on accounts for which you regularly carry a balance. Do not include your utilities, insurance, credit cards in which you pay the entire balance each month, or your current housing payment.

"What price home
can I buy"?

Affordability Calculator

There are four pieces of information used to determine your buying power:

Monthly Payment: You can enter the payment we calculated earlier, or a different amount if you wish.
Available Cash (for Down Payment): The total amount of cash you currently have available for the purchase of a home. This might include personal savings, investments that will be liquidated, gifts, etc. You cannot borrow money for this purpose. Some of this amount will be used to pay closing costs, points and so on, with the remainder used as downpayment.
Loan Term: Most mortgages today carry a 30-year term. A 15-year mortgage will result in a lower rate and allow you to repay the loan with much less total interest, but will significantly affect the amount of the loan. In general, a 30-year mortgage will allow you to borrow 30-40% more at the same monthly payment.
Interest Rate: The current average rate for a 30-year fixed rate home loan is automatically selected. Rates differ based on a variety of factors. If you have an idea of the rate that applies to your situation, select it instead.

Wasn't that simple? Now that you know your ideal mortgage payment and price range, take a look at our listings or contact us for a personalized list of homes that are perfect for your needs!

The calculators on this page are provided for informational purposes only, and do not constitute and offer to lend, or an analysis of creditworthiness. Preferred Brokers, Inc., their agents and affiliates make no representations or guarantees as to the accuracy of the material presented.