how do u work out how much mortgage you can get?
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To calculate 'how much house can I afford,' a good rule of thumb is using the 28%/36% rule, which states that you shouldn't spend more than 28% of your gross monthly income on home-related costs and 36% on total debts, including your mortgage, credit cards and other loans like auto and student loans.
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A common rule of thumb for determining the price of a home you can afford is that your mortgage payment should be between 25 and 30 percent of your income. If your household earns $100,000, you could potentially afford a $250,000 – $300,000 home. In truth, 30 percent is too high for many people.
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The Mortgage Amortization Formula To find out how much of your first mortgage payment will cover the interest you owe, you'll need to multiply your original loan balance by the periodic interest rate. ... Your monthly interest rate would then be 0.354%, which is 4.25% divided by 12 months.
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['Borrowing capacity formula. Gross income – tax – existing commitments – new commitments – living expenses – buffer = monthly surplus. ... ', 'Calculating your gross income. ... ', 'Tax / Medicare. ... ', 'Negative gearing benefits. ... ', 'Your new mortgage. ... ', 'Your existing commitments. ... ', 'Your living expenses. ... ', 'The buffer.']
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The aggressive lenders may allow 50% of gross income while the more conservative ones will let you borrow up to 33% of your gross income. That's a range of $30K - $45K per month. So to comfortably afford a $3M home you need to be making anywhere from $360K to $540K per year for 30 years, the duration of the loan!
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Your annual rate is 6 percent and you have made 10 years' worth of payments, so you have 240 payments left. Therefore, PMT is 1,450, N is 240 and R is 0.06/12, or 0.005. Plug them into the formula: B = (1450/0.005) x (1 - 1(1.005^240)) B = 290,000 x 0.6979 B = 202,391 You have about $202,391 left on your mortgage.
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For a £250,000 mortgage you will need to earn at least £56,000 as a single applicant or between you if applying as a couple. For a £500,000 mortgage you will need a earn at least £111,500 as a single applicant or as joint income for a shared mortgage.
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To figure out how much you must pay on the mortgage each month, use the following formula: "= -PMT(Interest Rate/Payments per Year,Total Number of Payments,Loan Amount,0)". For the provided screenshot, the formula is "-PMT(B6/B8,B9,B5,0)".
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['How much do you earn? Annual income is a crucial factor for all mortgage lenders as it gives them an estimate of what they can realistically lend. ... ', 'Do you have any debts? ... ', 'What do you spend your money on? ... ', 'Do you have children? ... ', 'Where is the property?']
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The 28/36 percent rule is the tried-and-true home affordability rule that establishes a baseline for what you can afford to pay every month. Example: To calculate how much 28 percent of your income is simply multiply 28 by your monthly income. If your monthly income is $6,000, then multiply that by 28.
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['Take a live class. As a mortgage professional, your time is valuable. ... ', 'Be rested. ... ', 'Use your tutorial. ... ', 'Read each question twice. ... ', 'Answer each question immediately. ... ', 'Look out for negatives. ... ', 'Answer every question. ... ', "If it's not there, don't add it."]
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Why it's smart to follow the 28/36% rule The 28/36 percent rule is the tried-and-true home affordability rule that establishes a baseline for what you can afford to pay every month. Example: To calculate how much 28 percent of your income is simply multiply 28 by your monthly income.
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Your new UFMIP amount. This is calculated by multiplying your base loan amount by 1.75% (all FHA mortgages charge this amount).
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How Much Money Can I Afford to Borrow? Most future homeowners can afford to mortgage a property even if it costs between 2 and 2.5 times the gross of their income. Under this particular formula, a person that is earning $200,000 each year can afford a mortgage up to $500,000.
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You can figure out how much equity you have in your home by subtracting the amount you owe on all loans secured by your house from its appraised value. For example, homeowner Caroline owes $140,000 on a mortgage for her home, which was recently appraised at $400,000. Her home equity is $260,000.
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['Calculate your monthly income and debt.', 'Check your FICO Score.', 'Figure Out What You Can Afford as a Down Payment and for a Mortgage (Price Range).', 'Get Pre-approved for a mortgage, preferably a 15, 20 or 30 year fixed. ... ', 'Determine What You Need.']
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Fixed-rate mortgage payments stay the same for the life of the loan. Example: $500,000 mortgage loan at 5 percent interest for 30 years making 12 payments a year -- one per month. Multiply 30 -- the number of years of the loan -- by the number of payments you make each year. For example, 30 X 12 = 360.