How to Calculate the Amount You Can Borrow
With the following information, we can give you a sense of how much you may be able to borrow.
- Gross Monthly Income
- Monthly Debt/Payments (including loans that won’t be paid off in 10 months)
- Interest Rate Desired
- Length of the Loan Term
- Down Payment % of Sales Price
- Yearly Property Tax
- Yearly Property Insurance
The exact amount that you can borrow will depend on more than the information shown above. The amount that you can borrow can also depend on your employment history, your type of employment, your credit history, and the size of your assets and liabilities. It may also depend upon the lender that you work with. PlumDog Financial can help you determine what’s best for your situation. Please give us a call to learn more.
