When buying your first home, you’ll likely have a lot of questions.
The first thing you should do is find out how much house you can afford. Once you know this, you can start building your personalized home buying team.
Pro Tip: Most first-time home buyers go with a 30-year loan term but there are other loan terms available such as a 20-year or even 15-year mortgage.
Enter your numbers to estimate an affordable monthly payment based on your monthly after-tax income. These numbers are meant only to help build a better idea of your financial situation, to get expert advice, connect with an expert.
Affordable Home Prices With Your Recommended Payment
$107,844.08 house with $9,804.01 down. (10%)
$117,648.09 house with $19,608.02 down. (20%)
$127,452.10 house with $29,412.02 down. (30%)
These examples use the loan term provided and assume a fixed-rate mortgage with an interest rate of 4.5%.
This calculator is being provided for educational purposes only. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.
These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.
It can be a struggle to figure out your initial home buying budget but it’s best to have an overall game plan once you start thinking about purchasing a home. Get a head start and become a home buying budget boss:
of loan amount
of loan amount
Principal + Interest +
Property Tax + Insurance
The true cost of a mortgage is just not your monthly mortgage payment. Much more goes into it. Here are the most common fees and services that go into your mortgage so you’ll know what to expect.
Cash that you will pay up front on the final price of your home before the mortgage starts.
The amount you have borrowed for your home and will need to pay back. If you purchase a home for $250,000 that is the amount of principal you owe.
The amount you are being charged in order to borrow the money. Interest is based on your principal sum. If you pay $250,000 in principal with a 4% interest rate, you will pay about $10,000 each year in interest until the loan is paid off.
Homeowner’s insurance is required. Private Mortgage Insurance (PMI) is for conventional home loans when you pay less than 20% toward your down payment. You will pay Mortgage Insurance Premiums (MIP) if you have an FHA loan.
These costs are part of your final contract. Most home buyers pay 2-5% of the loan amount in closing fees which usually include: application fee, processing and insurance fees, property taxes, and title company expenses.