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How Much House Can You Afford?

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Churchill Mortgage provides these calculators as a resource only. This is not an offer for a loan commitment or interest rate lock agreement. Payment includes principal and interest only. Taxes, Property Insurance and Mortgage Insurance payments may be required in your monthly payment. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

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How To Use The Affordability Calculator

This calculator is intended to help 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 as you build a budget for your mortgage.

  •   Budget for an affordable monthly payment
  •   View home prices that work with your budget
  •   Understand how much house you can afford

* Other factors such as existing debt, down payment, property taxes and mortgage insurance can end up affecting your payment amount.

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Mortgage Terms Glossary

Gross Annual Income:The total amound of income earned annually before taxes.

Net Annual Income: Your take-home pay, or the amount of money earned after taxes.

Private Mortgage Insurance(PMI): Insurance you'll pay each month if your down payment is less than 20% of your mortgage.

Homeowners Insurance: Protect your home and belongings with this type of insurance.

Property Taxes: The amount you'll pay depending on local tax rates and your properties estimated value.

Interest Rate: The amount you’ll pay each year to borrow the money on your home loan. In this case, the lower the interest rate percentage, the more you’ll save over the life of your loan.

Down Payment: This is the cash you pay up-front on the final price of your home before your mortgage starts.

Learn more about popular mortgage terms.