|
|
Unless you're planning to pay cash for your next home, you're probably in the market for a mortgage. If so, I have to remind you that choosing a reputable lender to work with when purchasing a new home is so important! If you've ever worked with a fly-by-night lending company, you've probably learned this firsthand! If not, please save yourself the headache (& potential ulcer!) and work with a lender that will actually do what they say they can do for you in the way of a mortgage and the costs associated with it.
I have no preference in who you work with to obtain a mortgage, so long as you're provided financing options that meet your needs. I can confidently recommend a few lenders that I've worked with in the past, but I also encourage you to explore other options that might be available to you. Different lenders may have different programs or may offer different incentives for you, so it pays to shop around. |
How Much Can You Afford?
|
|
|
 |
Our calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.
Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link. |
|
|
|
|
|
Required
|
Optional
|
Results
|
Receive this Detailed Analysis
|
|
|
|
Your Monthly Payments
|
| |
| Loan Amount: |
|
|
|
| Loan Insurance (
%): |
|
|
|
| Total Loan(Mortgage) Amount: |
|
|
|
| |
|
|
|
| Principal & Interest: |
|
|
|
| Homeowners Insurance: |
|
|
|
| Property Taxes: |
|
|
|
| Condo Fees: |
|
|
|
| Monthly Loan Insurance (%): |
|
|
|
| Total Monthly Payment: |
|
|
|
| |
| Income Needed to Qualify for the Mortgage |
| |
| Total Monthly Loan Payment: |
|
|
| Total Monthly Debt Payment: |
|
|
| Monthly Loan Insurance (%): |
|
|
| Qualifying Income of
% GDS Ratio: |
|
|
| Qualifying Income of % TDS Ratio: |
|
|
| |
| What You Can Afford |
| We are using the % ratio.
|
| Cost of House: |
|
|
| Down Payment: |
|
|
| Loan Value: |
|
|
| Monthly Principal & Interest: |
|
|
| Monthly Insurance: |
|
|
| Monthly Property Tax: |
|
|
| Monthly Condo Fees: |
|
|
| |
| Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate) |
|
|
|
|

MN Housing provides affordable housing opportunities for low and moderate income Minnesotans. MN Housing is also now working with FHA. Learn more!
HOPE for Homeowners
The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes.
|
|
|