True Home Cost CalculatorWhat Can I Afford?
What Can I Afford?
Income (Monthly Take-Home)
Based on the 25% rule, your ideal monthly housing payment should be 25% of your take-home income.
$
Down Payment
$
(25.5% Down)
Loan Type
Interest Rate
%
Property Tax
%
Home Insurance (per year)
$
HOA Fees (per month)
$
PMI (if less than 20% down)
The average PMI percentage is 0.2% to 2% of the loan amount per year. There are a couple factors to what your PMI will be, but generally the closer you are to 20% down and the higher your credit score, the lower your PMI.
%
Ideal Home Price
$235,514
Target Monthly Payment: $1,750 (25% of $7,000)
Total Monthly Payment: $1,750
Name
Cost
Principal
$616.48
Interest
$841
Property Tax
$110
Insurance
$33
HOA
$150
PMI
Not Applicable
Non-Principal Costs
$1,134
Note: On average, you'll also spend 1-4% of your home's value per year on maintenance, depending on factors like the age of the home, materials, and location. For your home, that would be between $196 and $785 per month.