johnandjohn.net The John and John Team

Mortgage Calculator

Buyers often ask us, "How much home can I afford?" or "How much yearly income is needed for me to qualify for this particular home?" Surprisingly, it's easier to figure out than you think. The calculator below will help answer these questions and give you an idea of how much buying power you have. It is based on a simple fixed-interest mortgage. To approximate your buying power, fill in the information below.
To determine Required Salary, this calculator makes the following assumptions, typical of most loan programs.
  1. Your monthly mortgage payment should not be more than 28% of your gross monthly salary.
  2. The sum of your monthly mortgage payment, together with your other monthly debt payments, should not be greater than 38% of your gross monthly salary.
Please note:  all figures are believed to be computed accurately, but are not guaranteed. There are many other loan programs available with different income requirements. Be sure to contact us or your local lender about these programs.
Selling Price
$
Selling price of the home
Down Payment
$
Mortgage Amount
$
The amount of money you will borrow.
Annual Property Taxes
$
Based on 2008 Alexandria tax rate
Mortgage Term
Total number of years to repay mortgage,
typically 20 or 30 years.
Mortgage Rate
%
Monthly Payments on Other Debt
$
Car loan, college loan, etc.
Monthly Mortgage Payment
Monthly Total Payments
Including taxes and other debt payments.
Required Salary
Note: You must have JavaScript turned on in your browser to view the results. The information you enter, and the results you receive, stay on your computer and are not sent over the Internet to us or anyone else.
Information is believed to be accurate, but should not be relied upon without verification.
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