Home Loan Payment Calculator

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Know your Limits on your Next Home Loan

Never go into a new mortgage without knowing what your payment will be. Be on the lookout for lenders who wan you to fudge your monthly income in order to qualify for more money than you can afford. One way to stay away from this is to use a home loan payment calculator to help determine how much you can afford. With a few parameters, you will be well on your way to determining how much you can afford. Before you start, figure out your gross monthly income as it is a much more important factor than your net income once you are a homeowner.

Why do home loan payment calculators ask for gross income instead of net?

A home loan payment calculator is based on your gross monthly income because that is what lenders look at when deciding whether or not to loan you money for a home. Once you own a home you become privy to tax benefits reserved only for homeowners. You will end up taking home a lot more money as a homeowner because all of your interest and taxes are generally tax deductible. These deductions can make your take home income hundreds of dollars more a month and in turn offset the difference in mortgage as compared to what you paid renting.

What happens if I do fudge my income to get into a home?

Although it can be hard to do since lenders typically require income documentation, with good credit you may be able to get a loan without any documentation at all. This is where a home loan payment calculator can come in handy. Make sure you find one that applies to the type of loan you are getting to get an accurate picture of how much you really can afford.