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Two of the most important considerations determining the mortgage payments you can afford are:
1) your financial condition, i.e.your after tax income less the amount of debt you already have or expect to assume, and
2) your future plans such as saving for your retirement or childrens’ education.
This Mortgage Calculator can help you learn how much your dream home will cost you monthly. Other costs to consider are property taxes which, in California are currently 1% of the purchase price of the property, and the less predictable homeowner’s insurance (depends on many variables such as size, fire area, etc. Try using the same 1% figure unless you already know what it is.) |
