Home affordability calculator will make your life easier if you are planning to buy a house.The question ” how much should you put down for a specified amount of loan” can be easily found an answer with this td mortgage affordability calculator. So do not be tensed about the main question hovering your brain ” how much money can I borrow for a mortgage?”, don’t worry. Here is a simple home affordability calculator for you to get an idea about your financial capability.
Mortgage Affordability Calculator
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How much house can I afford?
The home affordability calculator computes your debt-to-income ratio by dividing total monthly debt payments by your gross monthly income san taxes and other deductions. For example, if you pay $2000 a month for your mortgage and another $500 a month for an auto loan and $500 a month for the rest of your debts, your monthly debt payments are $3000. ($2000 + $500 + $500 = $3,000.) . If your gross monthly income is $8000, then your debt-to-income ratio is $3000 x100/$8,000 = 3.7
