For Buyers

The Sold By Sisler Team Budget Calculator

Once you've established a budget, you should consider using the Sold By Sisler Mortgage Prequalification form as your next step towards purchasing your family's next home.


Enter Your Information

(Car, credit cards, student loan, etc.)
(1% = $1000/yr for 100K house)
If unsure leave as 28%
If unsure leave as 36%

Here are some estimates...

We must use the 28 % amount of $ 933.33 for PITI

This is because this value is lower than the amount ($ 1200.00) calculated using the 36 % monthly debt value

Your interest rate of 8.25 % over 30 years means every dollar you pay each month buys you $ 133.11 of loan

You stated Tax and Insurance would total 1.50 % the home value

And with $ 0.00 to cover your down payment

House value: $ 106512
Loan value: $ 106512
Monthly Principal+Interest: $ 800.19
Monthly Prop Tax+Insurance: $ 133.14
Down Payment 0.00 %
Loan To Value (LTV) 100.00 %

OOPS! Your down payment is less than 20%! You will have to pay PMI (Private Mortgage Insurance).

That's an extra 0.90 % of your loan each year

House value: $ 98114
Loan value: $ 98114
Monthly Principal+Interest: $ 737.10
Monthly Prop Tax+Insurance: $ 155.35
Monthly PMI: $ 73.59
Down Payment 0.00 %

Hey, your down payment is under 3%

Many conservative lenders won't do that except on FHA/VA loans. Look around for a lender willing to accept your lower down payment.

You are relatively income rich but cash poor

You do not have to worry about your income qualifying you for your loan. What limits your house value is simply your downpayment of $ :

  • With 20% down (80% LTV) you can buy a $ 0 house
  • With 10% down (90% LTV) you can buy a $ 0 house
  • With 5% down (95% LTV) you can buy a $ 0 house
  • With 3% down (97% LTV) you can buy a $ 0 house

So look for a lender who is willing to give you a high LTV (loan to value).

Better yet get more cash for your down payment. Those low or no interest loans from parents, friends and relatives sure come in handy!

Don't forget closing costs and points! Additionally, this tool only takes into consideration the maximum house you can afford with your current situation.


Questions? Just Ask!


The Sold By Sisler HomeFinder Assistant ™ The Sold By Sisler Team Buyer's Assessment ™