Approximate
Square Footage
of your Dream Home |
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sq. ft. |
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Square footage amounts range
from $100-$120. We used $110
here, but the final cost of your project may vary from that amount.
This cost does not include land or allowance for site improvements. |
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Your Approximate Cost:
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| Land |
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$
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If you own property that is paid in full, enter a zero.
If you still owe money on the property, enter the amount owed here.
If you need to purchase property enter the estimated cost here.
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| Equity and Savings |
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$
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If you are planning on using money from the
sale of an
existing property and/or savings enter that amount here. |
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Mortgage Amount Needed:
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| Combined
Gross Monthly Income |
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$
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In this calculation, the assumption has been made that
the maximum mortgage payment is 30% of the family income, which is
a rule of thumb in the banking industry. The banking industry also
uses a secondary formula for total debt. Please contact your financial
institution for guidance.
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| Amount
you wish to Borrow |
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$
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Enter the amount from Mortgage Amount or you
can override the
amount if you have equity from any other sources. |
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| Term
of Loan in Years |
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years |
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| Interest
Rate |
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% |
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Enter the interest rate as a
whole number.
(example: 7.25) |
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Your Monthly Payment:
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