Rent vs. Own | Monthly Payment | Payment Affordability | Amortization Schedule

How Much House Can I Afford Using My Current Monthly Rent Payment?

The following calculation is designed to give you a very general idea of how much mortgage would equate to your current payment toward rent. It is in no way intended to be the definitive answer to your qualification for a mortgage - there are many more factors to consider, such as credit rating, funds available for closing, income stability and collateral assessment.

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*Based on a Conventional, Fixed Rate Mortgage without private mortgage insurance, at the given interest rate and mortgage term. An estimate of real estate taxes and homeowners insurance is also included.

Note: This is a very simple calculation illustrating only one type of loan product. There are many more products available which should be considered or which may allow more flexibility.

The information shown is for general information purposes only. There are many factors to consider in reviewing an applicant's financial information when qualifying for a mortgage. By presenting this material in this format, there has been no guarantee of loan approval or interest rate implied.

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