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Calculate the size of loan you can afford!

You can easily calculate the approximate size of loan that you can afford based on the length of time of your mortgage, the current interest rate, and the maximum monthly payment you believe you are comfortable paying.    The actual loan amount you could qualify for could be much higher or much lower than the amount that you calculate. Why? Simple, because Mortgage professionals and lenders can offer you a variety of programs with interest rates and loan terms. The calculator is only for informational and entertainment purposes but can give you a fair approximation.

Here's how:
First, enter the number of payments you expect to make. A 15 year mortgage is (15 x 12) or 180 payments, conversely a 30 year mortgage is (30 x12) or 360 payments. Next, enter an interest rate. You can enter the interest rate as a percentage or as a decimal. Finally enter the amount you would like your monthly payment to be and click compute. Your principal or total loan size will be displayed in the box.