– The Internal Revenue Service: Where All The latest IRS downloadable tax forms resides!
– Social Security Administration: Find out how the Social Security Administration can assist with your retirement, Medicare, disability, survivorship, and other benefit questions.
– U.S. Small Business Administration: You don’t need a business degree to use the SBA site. It explains everything in simple terms. The SBA website is full of helpful information for entrepreneurs and small business owners.
– U.S. Department of Commerce: Here’s a complete look at the Commerce Department and the different groups it manages.
Auto Loan Calculator
Figuring out how much house you can afford doesn’t have to be complicated. A mortgage calculator can simplify the process by estimating your monthly payments based on your income, loan type, and down payment.
Why Use a Mortgage Calculator?
A mortgage calculator helps you understand your home-buying budget by factoring in essential costs like mortgage payments, property taxes, and insurance. This tool can provide clarity before you begin house hunting.
Key Factors That Affect Mortgage Affordability
- Income and Budget: Your monthly income determines how much you can comfortably spend on housing. A common rule is to spend no more than 28% of your income on housing expenses.
- Down Payment: A larger down payment reduces your loan amount and monthly payments. For example, a 20% down payment on a $240,000 home is $48,000, lowering your monthly obligations.
- Credit Score: A good credit score can secure lower interest rates, making your mortgage more affordable over time.
- Debt-to-Income (DTI) Ratio: Banks prefer a DTI under 36%, meaning your total monthly debt, including the mortgage, should not exceed 36% of your income.
- Loan Type and Terms: Different loan types have varying down payment and credit score requirements:
- Conventional Loans: 620+ credit score, 3% down
- FHA Loans: 580+ credit score, 3.5% down
- VA Loans: 0% down for military members
- USDA Loans: 0% down in rural areas
Take the Next Step
Use a Mortgage Calculator to explore how much house you can afford based on your financial profile. Consider speaking with a lender for personalized mortgage options and potential down payment assistance programs tailored to your needs