Finance Your Home

How much home can you afford?

Most people have a general idea of how much they feel comfortable spending. It's equally important to know how much your lender calculates you can afford. With assistance provided by your Cressy & Everett Real Estate sales professional, you'll be able to better prepare the many details required during the financing application process.

Evaluate your financial situation as the lenders do.

Typically, your total monthly housing costs should not exceed 28 percent of your gross monthly income. Or, housing costs plus any outstanding monthly long term debt (car loans, credit card balances, etc.) should not exceed 36 percent of gross monthly income.

Ask how your lender determines the total monthly housing cost figure.

It usually includes your mortgage principal and interest payments, property taxes and hazard insurance.

Determine how much your financial institution is willing to lend you by completing our Mortgage Calculator or calling a Cressy & Everett Real Estate sales professional for help during the pre-qualification process.

Know how much you can afford in monthly payments.

Lenders factor in sales price and down payment, but place more importance on how much you can handle your monthly expenses.

Financial Calculators

Real Estate Loan
	How Much House Can You Afford? - You supply your income information and we calculate how much you can afford.
	Mortgage Calculator - Find out how much that new home will cost!
	Mortgage Payment Table Calculator - See how much a home loan will cost with varying interest rates and payments on the same chart!
	Mortgage Qualification Calculator - See what lenders expect your minimum annual income to be in order to afford your next home.
	Prepayment Mortgage Reduction - This form allows you to see how prepaying your mortgage reduces the length of your mortgage by putting in the current values for your loan.
Auto
	Car Lease Calculator - How much will your payments be if you lease your next car?
Schooling
	Tuition Savings Calculator - See how much you need to contribute each year in order to put your children through college.
Financial Planning
	APR/Front End Cost Calculator - You give the upfront costs and it finds the actual Annual Percentage Rate.
	How Long Will It Last? - Loan Calculator - Here is a new twist on the mortgage calcuator. Here you tell how much you want to spend each month, an interest rate and a loan amount, and the computer tells you how long it will take you to pay it off!
	How Much to Retire - Here is a new simple retirement calculator. It tells how much you will need to provide a certain income for a set number of years.
	Loan Payment Calculator - Enter the values and we will tell you the payment. The loan can be a mortgage, car loan, or any other simple interest amortization over a fixed time with fixed monthly payments.
	Prepayment vs. Investment -- A Scenario - This form allows you to compare what would happen if you took one of two choices with some extra cash you have -- prepaying your mortgage each month, or investing it instead.
	Savings Calculator - This doesn't deal with inflation, taxes or any of that complicated stuff. This is just a simple calculator that lets you start with an amount of money and make regular monthly deposits, and see how much it grows.