Tag Archives: Mortgage Calculator

How much house can I buy?

Posted on by

buyFigure out your gross monthly income and all your monthly payments and debts. Most financial institutions will tell you to not go above 28% of your gross monthly income for your mortgage payment. Next, you’ll want to add up your cost of housing and your other debt obligations. Added together they should not exceed 36% of your gross monthly income. Of course this is a guideline and you should contact your lender for a clearer picture of how much house you should buy.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Calculate Your Mortgage Payment

Posted on by

There are an abundance of  online mortgage calculator sites. Many allow you to enter in your loan amount, interest rate, and the length of your loan and then will calculate your monthly payment.  But another very important piece of your monthly mortgage payment includes your estimated annual taxes and the cost of home insurance. Most of the time your taxes and insurance are included in your mortgage payment and set aside or escrowed until the tax bill and insurance bill comes due.

The FHA Mortgage Calculator site allows you to enter in your estimate of annual taxes and the cost of your home owners insurance before it calculates your monthly mortgage payment. Big difference!

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search with up-to-date information.