Most mortgage calculators omit escrow, so your actual mortgage ends up considerably more than what the calculator says it will be. So I am looking for a mortgage calculator that lets me plug in a monthly mortgage payment inclusive of estimated escrow and shows me, based on estimated tax and insurance amounts, the price range for a home that I can afford. Is there one?
Look for a piti calculator. You may have to work it some, to figure out what the range is that you are looking for. Or, you might find it easiest to just go to your bank/credit union and ask a loan officer to do the math for you. Give them the monthly number you want (including tax, insurance, etc.) and they can ballpark how much house that is.
I know what I want my monthly mortgage to be. How much home can I afford?
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I’ve had the same problem and I don’t think there is an accurate calc. If you know your areas tax and insurace then add those together and divide those numbers by 12. Then add to the mortgage payment that the calc came up with. I think that will get you close.
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Look for a piti calculator. You may have to work it some, to figure out what the range is that you are looking for. Or, you might find it easiest to just go to your bank/credit union and ask a loan officer to do the math for you. Give them the monthly number you want (including tax, insurance, etc.) and they can ballpark how much house that is.
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use 85% of the total payment. The other 15% should cover your insurance and taxes.
But you really should talk with a lender.
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