today's mortgage rates!
information on how to get these great rates for yourself,
call Rebekah Radice, Regional Manager and loan originator
with The Front Range Group at Waterstone Mortgage. 719-638-9840.
to mention Stephanie Danford sent you.
how much you can afford...
rough rule-of-thumb, but it will get you close.)
monthly income and subtract your monthly, minimum loan
and credit card payments. Now multiply that number by
30%. This will be the approximate amount a lender will
allow your payment to be each month.
if you make $4000 per month and have $1000 in minimum
payments per month, you have $3000 disposable income
per month. Now, 30% of that disposable income is $900.
Therefore, $900 is approximately what a lender will approve
for you to spend on your mortgage every month.
a monthly mortgage payment...
it's rough math, but it will still get you close.)
assume your rate from the BankRate list on the left.
Next, multiply that rate by 100,000. This is your approximate
monthly payment per $100,000 in mortgage. Now multiply
that number by how many $100,000's in mortgage you would
like to borrow (for a $150,000 mortgage, multiply the
monthly estimate by 1.5, for a $200,000 mortgage, multiply
the monthly estimate by 2.0, and so on). Finally, don't
forget to add property taxes, homeowner's insurance,
and any association dues for the property you're interested
If your rate is 6.5% and you would like to borrow $175,000,
then multiply $650 (6.5% X 100,000 = 650) by 1.75 and
then add taxes, insurance and HOA dues. Now you have
a rough idea of what your mortgage will run you every