How Much Home Can I Buy?
**Get the Hot List of Available Ballard Homes!**
Figuring out how much home you can buy is eaiser then you might think. If you don't want to use a chart you can go to our loan payment calculator and plug in the numbers.
Use the chart below to determine your monthly principal and interest payments at various interest rates for either a 15 or 30 year term.
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Find the appropriate interest rate from the chart above.
- Look across the column to the appropriate term to determine your interest rate factor.
- Multiply the interest rate factor by your loan amount in $1,000s.
An Example:
Interest rate 5%
Term 30 years
Rate Factor = 5.37
Mortgage = $200,000
Monthly principal and interest = $1,074(5.37 x 200)
Another example:
Afford $1,500 a month towards principal and interest
$1,500 / 5.37 = 279 or $279,000
Search Seattle MLS for the price range you can afford or take the easy way and get the "Hot List" all the properties emailed to you from all the local companies in your price range and neighborhood you want.
Be sure to add your monthly insurance premium and your property tax to your principal and interest.
Contact Dave Hanson or call me at 206-686-7525 to receive more information regarding home loans.
Be sure to understand the tax credit for Seattle first time home buyers because this can save you a lot of money.
Note: Refer to a specialist to determine the actual amount you will pay each month in principal, interest, taxes and insurance (PITI).
These figures represent mere estimates. I strongly recommend that you talk with a reputable mortgage.