Department of Labor Federal Credit Union

How Much Home Can I Afford?

When you’re buying a home, it is important to know what to expect from mortgage lenders as they evaluate your eligibility for a home loan. Your income, assets, obligations, and liabilities are all considered carefully. Use this calculator to estimate the amount of mortgage you may be able to obtain.

Monthly Income

Monthly Gross Wages:
Monthly Investment Income:
Child Support/Alimony Income:
Other Monthly Income:

Monthly Debt Payments

Monthly Auto Payments:
Monthly Credit Card Payments:
Monthly Child Support/Alimony:
Other Monthly Debts:

Mortgage Information

Annual Interest Rate:
Loan Term:(Years)
Yearly Property Taxes:
Yearly Property Insurance:

Monthly Wages

Enter gross monthly wages before taxes and any other deductions.

Monthly Gross Investment Income

Enter monthly gross income from all investments. This includes income from equities, real estate, bonds, etc. If investment income is uneven throughout the year use a monthly average.

Monthly Child Support and Alimony Income

Enter monthly child support and/or alimony income you receive.

Other Monthly Income

Enter any other income that you receive on a regular basis.

Monthly Auto Payments

Enter your monthly auto payments. If the loan will be paid off within 10 months your mortgage lender will not count it against your overall debt and you can enter 0 for that loan.

Monthly Credit Card Payments

Enter any credit card payments you have on outstanding credit card balances. If you payoff your credit card every month you can enter 0.

Monthly Child Support & Alimony Payments

Enter any monthly child support or alimony payments you make.

Other Monthly Debts

Enter any other recurring debts that you pay monthly. Lenders are looking for ongoing obligations that you are required to make every month, such as a student loan.

Annual Interest Rate

Enter the annual interest rate that you want to use.

Loan Term

Enter the loan term. The shorter the loan term the larger your payment is going to be, but you can pay off your loan faster.

Yearly Property Taxes

Enter your estimated yearly property taxes for this mortgage. Property taxes are usually calculated as a percentage of your home's assessed value. For example, if you pay 0.5% in property taxes of the assessed value, a home assessed at $270,000 would have a yearly property tax bill of $1,350.

Yearly Property Insurance

Enter your estimated property insurance. Lenders require that you carry home owners insurance on the property to protect their investment should a catastrophic accident occur.

Results Information

Department of Labor Federal Credit Union

Serving employees and contractors who work for the Department of Labor, their families and associated organizations. See website for details.

200 Constitution Ave
Rm S-3220
Washington, DC 20210-0001
(202) 789-2901

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