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How Much Can I Afford?

Use this quick and easy calculator to determine the required salary for the desired home value.

Input

Loan Info
Downpayment		($) (%)
Interest		(%)
Loan Length		(Yrs)
Estimated Front Ratio		($)
Estimated Back Ratio		($)
Income		DebtPayment
Income 1	($)	Auto Loan	($)
Income 2	($)	Boat/RV	($)
Income 3	($)	Credit Card 1	($)
Income 4	($)	Credit Card 2	($)
Income 5	($)	Other Accounts	($)
Taxes and Insurance
Annual Property Taxes		($) (%)
Annual Insurance		($) (%)
Annual PMI		($) (%)
Show amortization table

Financial Analysis

Monthly Payment	$1,542.40
Monthly Property Taxes	$250.00
Monthly Insurance	$125.00
Monthly PMI	$103.01
Total Monthly Payment	$2,020.41
Monthly Income	$8,000.00
Monthly Debt Payment	$910.00
Actual Front Ratio	25
Actual Back Ratio	37
Amount	$247,231.03
Downpayment	$27,470.11
Home Value	$274,701.15

Your salary must meet the following two conditions:

1. Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
2. Your gross (pre-taxes) monthly salary must be greater than 35% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.

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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.

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"...I was sure that Somerset was the right choice...they couldn't have been more compassionate or understanding...I just couldn't believe that this all happened within a week...Thanks to my loan officer and all the rest of those great people at Somerset, my family will be able to stay in the only home they have known for some time, without fear of being put out." - Tom N.