How much house can I afford?
Not sure how much house you can afford? Use this quick loan calculator for an estimate of loan principal and interest.
Default amounts are hypothetical and may not apply to your individual situation. This calculator provides approximations for informational purposes only. Actual results will be provided by your lender and will likely vary depending on your eligibility and current market rates.
Frequently Asked Questions
Typically, there is no cost associated with obtaining a loan pre-approval or loan estimate. Once you decide to move forward with the loan, lenders may charge an appraisal or application fee.
The interest rate can make or break the affordability of a mortgage. One way to get a lower rate and save money on your loan is by paying for mortgage points.
Points are fees paid upfront to the lender for the loan, expressed as a percent of the loan amount. Each mortgage point costs 1% of the loan amount and can reduce your interest rate anywhere from one-eighth (0.125%) to a quarter (0.25%) of a point, which results in a lower monthly mortgage payment and a less expensive loan overall.
A Loan Estimate (previously known as Good Faith Estimate) tells you important details about a mortgage loan you have requested. When you apply for a mortgage, your lender is required to give you this standardized form that provides details including your estimated interest rate, monthly payment, closing costs, and more.