Mortgage Affordability Report

Mortgage Budget Summary

Based on your current monthly income of $5,700.00 (after tax) and your expenses and desired savings, you have $2,000.00 remaining budget per month to be invested into mortgage.

Down Payment $
Estimated Interest Rate %
Estimated Property Tax %
Estimated PMI %
Estimated Insurance /mo $
Monthly Salary after tax $
Food Expense /mo $
Transportation Expense $
Entertainment Expense /mo $
Education Expense /mo $
Healthcare Expense /mo $
Technology Expense /mo $
Other Expense /mo $
Savings /mo $

Affordable Mortgage Comparison

If you spend the all of the remaining budget of $2,000.00 into financing a mortgage, with your down payment of $65,000.00, you will be able to afford the homes and mortgages below on different loan terms:

Term Home Value Mortgage Loan Tax Ins. PMI Total IR MLM Investment Interest AC
10M $229,000.00 $164,000.00 $1,739.47 $190.83 $50.00 $68.33 $1,980.30 5% 120 $273,736.93 $44,736.93
10B $229,000.00 $164,000.00 $869.74 $88.08 $23.08 $31.54 $980.89 5% 103 $266,744.35 $37,744.35
15M $277,000.00 $212,000.00 $1,676.48 $230.83 $50.00 $88.33 $1,957.31 5% 180 $366,766.85 $89,766.85
15B $277,000.00 $212,000.00 $838.24 $106.54 $23.08 $40.77 $967.86 5% 154 $352,332.55 $75,332.55
20M $313,000.00 $248,000.00 $1,636.69 $260.83 $50.00 $103.33 $1,947.52 5% 240 $457,805.66 $144,805.66
20B $313,000.00 $248,000.00 $818.35 $120.38 $23.08 $47.69 $961.81 5% 205 $433,969.08 $120,969.08
25M $339,000.00 $274,000.00 $1,601.78 $282.50 $50.00 $114.17 $1,934.28 ~ $2,048.45 5% 300 $545,533.01 $206,533.01
25B $339,000.00 $274,000.00 $800.89 $130.38 $23.08 $52.69 $954.35 ~ $1,007.04 5% 256 $510,862.28 $171,862.28
30M $359,000.00 $294,000.00 $1,578.26 $299.17 $50.00 $122.50 $1,927.43 ~ $2,049.93 5% 360 $633,172.01 $274,172.01
30B $359,000.00 $294,000.00 $789.13 $138.08 $23.08 $56.54 $950.28 ~ $1,006.82 5% 307 $586,390.15 $227,390.15
35M $374,000.00 $309,000.00 $1,559.48 $311.67 $50.00 $128.75 $1,921.15 ~ $2,049.90 5% 420 $719,983.66 $345,983.66
35B $374,000.00 $309,000.00 $779.74 $143.85 $23.08 $59.42 $946.66 ~ $1,006.09 5% 358 $660,153.77 $286,153.77
40M $386,000.00 $321,000.00 $1,547.85 $321.67 $50.00 $133.75 $1,919.52 ~ $2,053.27 5% 480 $807,968.52 $421,968.52
40B $386,000.00 $321,000.00 $773.93 $148.46 $23.08 $61.73 $945.47 ~ $1,007.20 5% 409 $734,209.64 $348,209.64
45M $394,000.00 $329,000.00 $1,533.19 $328.33 $50.00 $137.08 $1,911.52 ~ $2,048.61 5% 540 $892,921.11 $498,921.11
45B $394,000.00 $329,000.00 $766.60 $151.54 $23.08 $63.27 $941.22 ~ $1,004.48 5% 461 $804,973.60 $410,973.60
50M $401,000.00 $336,000.00 $1,525.91 $334.17 $50.00 $140.00 $1,910.08 ~ $2,050.08 5% 600 $980,543.76 $579,543.76
50B $401,000.00 $336,000.00 $762.96 $154.23 $23.08 $64.62 $940.27 ~ $1,004.88 5% 512 $877,733.91 $476,733.91

Report Legend

  • Term - Length of mortgage in years and different payment methods. (M = monthly, B = bi-weekly)
  • Home Value - Value of the home at purchase. (mortgage loan amount + downpayment)
  • Mortgage - Total amount borrowed (mortgage) from your financial institute.
  • Loan - Loan pay back amount per payment.
  • Tax - Property tax amount per payment.
  • Ins. - Property insurance amount per payment.
  • PMI - PMI amount per payment as long as the remaining mortgage is greater or equal to 80% of the property value.
  • Total - Total amount per payment you need to pay to finance your home.
  • IR - Interest rate of mortgage.
  • MLM - "Mortgage Length in Month". Actual length of mortgage in months.
  • Investment - Sum of down payment, loan Amount, and interest paid for the mortgage period. This value does not include the total PMI, insurance, and property tax paid.
  • Interest - Total amount of interest paid in owning the property.
  • AC - Amortization Chart (also known as Amortization Schedule or Amortization Table)
Down Payment $
Estimated Interest Rate %
Estimated Property Tax %
Estimated PMI %
Estimated Insurance /mo $
Monthly Salary after tax $
Food Expense /mo $
Transportation Expense $
Entertainment Expense /mo $
Education Expense /mo $
Healthcare Expense /mo $
Technology Expense /mo $
Other Expense /mo $
Savings /mo $