Rental Mortgage Affordability Calculator
Are you currently renting but considering buying a home? This calculator estimates what sized mortgage you can afford based upon the downpayment you have set aside & what you are currently paying for rent. This calculator includes property taxes & insurance, but does not include any monthly HOA fees or PMI payments if those are required. Typically PMI ranges between 0.3% and 1.2% of the loan amount annually for those who put less than 20% down on a conforming mortgage. Those with higher downpayments obtain lower the PMI rates, with PMI at 0% with 20% down.