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Buying your first home is one of the most important and exciting financial milestones of your life. But before you go out with a broker, you should have a good understanding of the real budget. When you buy a home, mortgage lenders will look at more than just your income, assets, and advances. They will also view all of your debts and liabilities, including car loans, credit card debt, child support, potential property and insurance taxes, and your overall credit score. Drawing up a monthly family budget that includes any other expenses related to homeowners can help you tell you how much money you should borrow. Enter your budget information below to calculate the monthly mortgage payments you can afford.
One of the first steps in the process of buying a home is to fully understand your financial situation. It's not as much fun as looking at a house, but it's important and necessary to help you determine what you can afford. Typically, the lender wants your mortgage payment to be less than 28% of your current total income. They will also view your assets and debts, your credit score, and work experience. Through all this, they will determine how much you are willing to take out a loan. Estimate a comfortable mortgage amount based on your current budget with the Fintomat burden calculator. Enter details about your income, down payment, and monthly debts to determine how much money is being spent on buying a home.
Use our burden calculator to estimate how many homes you can afford. Just enter your monthly income, expenses, and expected interest rate to get an estimate. Advanced options include things like monthly homeowners insurance, mortgage rates, private mortgage insurance (if applicable), loan type, and property tax rate. When determining whether you are eligible for a mortgage, the lender will carefully review your credit score. Because of your important role in the home purchase process, make sure you understand how the credit score was compiled, how to get a copy of the credit report, and how to build a good loan. An important indicator used by banks to calculate the amount that can be borrowed is the DTI ratio-a comparison of the total amount of monthly debt (for example, mortgages, including insurance and property taxes) with the monthly pre-tax income.
This is perhaps our most ambitious project at the time of its creation. We have studied financial topics in detail and prepared calculators for all occasions. Please support our project by bookmarking the site on the home screen of your smartphone, tell your friends about us.