Calculate Home Buying Power -

A bank's pre-approval letter is the only way to "lock in" your official buying power before shopping.

Set aside 2%–5% of the home price for fees; don't use this money for the down payment. calculate home buying power

Multiply gross income by 0.36 (36%) and subtract existing monthly debts. A bank's pre-approval letter is the only way

Check what a $1,950 principal/interest payment buys at current rates. At a 6.5% interest rate, $1,950 supports a loan of approximately . Step 5: Add Your Down Payment Add your saved cash to the loan amount. calculate home buying power