Buying a home for the first time can be overwhelming. Where do you start? How do you know how much you can afford? Luckily, there are many resources available online to help you answer these questions. Check out My Perfect Mortgage’s affordability calculator to take the first step.
The affordability calculator below can estimate the monthly cost of owning a home, depending on the accuracy of the information you enter. Again, this is just an estimate. Specific factors such as closing costs and other fees will likely vary, depending on your situation.
You’ll also notice figures, such as interest rate, property taxes, and property insurance. These will vary depending on your location and other factors. It helps to get pre-approved by a lender to get a better idea of these figures. Some lenders may offer a better interest rate than others.