Mortgage Affordability Chart
The following chart shows you how interest rates affect how much home you can afford to purchase. To use it, find the monthly mortgage payment you feel you can handle, then
look under the interest rate column to see what loan amount you can afford at various interest rates. As an example, if you can afford a monthly mortgage payment of $1,200, you
could take out a loan of $163,540 at 8%. Your loan amount, and consequently the amount of home you could buy, would be reduced to $149,138 if rates were to rise to 9%. To
more accurately figure your ability to qualify for a mortgage, a mortgage specialist should be able to assist you, as there is a matter of calculating your debt to income ratio.
The chart is computed assuming a 30-year fixed rate conventional loan. The figures listed include principal and interest only. Your monthly tax and insurance escrow will add to
your total monthly mortgage payment.
Monthly Payment Interest Rate & Loan Amount
5.0% 6.0% 7.0% 8.0% 9.0%
$300 55,884 50,037 45,092 40,885 37,285
$400 74,513 66,717 60,123 54,513 49,713
$500 93,141 83,396 75,154 68,142 62,141
$600 111,769 100,075 90,185 81,770 74,569
$700 130,397 116,754 105,215 95,398 86,997
$800 149,025 133,433 102,246 109,027 99,425
$900 167,653 150,112 135,277 122,655 111,854
$1,000 186,282 166,792 150,308 136,283 124,282
$1,100 204,910 183,471 165,338 149,912 136,710
$1,200 223,538 200,150 180,369 163,540 149,138
$1,300 242,166 216,829 195,400 177,169 161,566
$1,400 260,794 233,508 210,431 190,797 173,995
$1,500 279,422 250,187 225,461 204,425 186,423
$1,600 298,051 266,867 240,492 218,054 198,851
$1,700 316,679 283,546 255,523 231,682 211,279
$1,800 335,307 300,225 270,554 245,310 223,707
$1,900 353,935 316,904 285,584 258,939 236,136
$2,000 372,563 333,583 300,615 272,567 248,564
$2,100 391,191 350,262 315,646 286,195 260,992
$2,200 409,820 366,942 330,677 299,824 273,420
$2,300 428,448 383,621 345,707 313,452 285,848
$2,400 447,076 400,300 360,738 327,080 298,276
$2,500 465,704 416,979 375,769 340,709 310,705
$2,600 484,332 433,658 390,800 354,337 323,133
$2,700 502,960 450,337 405,830 367,965 335,561
$2,800 521,589 467,017 420,861 381,594 347,989
$2,900 540,217 483,696 435,892 395,222 360,417
$3,000 558,845 500,375 450,923 408,850 372,846
Besides analyzing your income and expense, lenders are going to look to your ability to handle debt by scrutinizing your prior credit history. To do so, they will turn to a credit bureau
to help establish your credit rating.
See the Calculator page for more information and to do an exact calculation.
Contact Stephen Felt for a more precise calculation for your specific situation at (856) 359-6366 or steve@feltfinancial.com
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