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Mortgage Master

Calculators
How Much Can I Borrow?

How Much Can I Borrow?

Input Information
Loan Information
%
Yrs
%
%
Income Information
$
$
$
$
$
Debt Payment Information
$
$
$
$
$
Taxes And Insurance Information
%
  Monthly Principal & Interests: $1,540.80  
  Monthly Real Estate Taxes: $250.00  
  Monthly Insurance: $125.00  
  Monthly PMI: $119.59  
  Total Monthly Payments: $2,035.39  
  Monthly Income: $8,000.00  
  Monthly Debt Payments: $910.00  
  Actual Front Ratio: $25  
  Actual Back Ratio: $37  
  Amount: $287,000.00  
  Down Payment: $31,800.00  
  Home Value: $318,800.00  

Before you start looking for a new home, you need to have an idea of how much you can afford to pay for a home. To find this out, you will need to take a closer look at your total monthly household income as well as the debts and regular monthly payments you are already making. In addition, you will need to consider how much money you can put in down payment, the loan interest rate, and the length of the loan. You will also need to have an idea of how much the taxes will be, as well as the insurance and PMI costs.

Estimated front and back ratios helps you to limit your housing and necessary living spending. Front ratio is a percentage of your gross income that you can spend on all housing related expenses, including property taxes and insurance. Back ratio is a percentage of your gross income that you can spend on your housing expenses plus cost of shelter: food, clothes, gas, etc.

Front / back ratios with values of 28-33 / 36-42 considered conservative these days, values bigger than 35 / 45 called aggressive and not recommended for use.

Using all of this information, you can determine how much you might afford to pay for your mortgage. If you are interested in making a $31,800.00 down payment and hope to get a 30 year loan with a 5.000% interest rate, you can afford to purchase a home that costs $318,800.00 if your gross household monthly income is $8,000.00 and your total monthly payments on your other bills is no more than $910.00.

If you purchase a home under these conditions, you can expect to pay $2,035.39 per month toward your mortgage. $1,540.80 of this will be toward the actual loan, while $250.00 will be toward taxes and $125.00 will be toward insurance.

Feel free to contact us with any questions you may have regarding this calculator.

Rent vs. Own? Now is the Time to Buy!

“Should I keep renting, or should I buy?” This is a recurring question of anyone with a landlord. The answer to that question is most assuredly, you should buy. Learn more about the benefits of home ownership here.

Buying a Home that's Perfect for Your Family

The key in making the right decision lies in weighing all the family-related factors that go beyond basic real estate considerations. Here are some items that should be a part of your home-buying process.

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Testimonials

"As a professional realtor I have to worry about many moving parts when it comes to getting a customer a property, and closing the transaction so that they live in the home of their dreams. Luckily for me, Mortgage Master takes the worry about getting financing off my back. They are professional, responsive, and always deliver. And, when I refer clients to Mortgage Master, I often get praise for saving them money on fees or interest rates, or both!! Can't beat that! "
— Jeff P. (Jackson Heights, NY)
"I have used this company before and since then I have recommended Mortgage Master to numerous friends and all ended with excellent results. Out of the many mortgage bankers and mortgage brokers out there, I found them to be by far the most honest, most knowledgeable and hardest working people in the business. Every time I refer them to friends of mine, I am later thanked for recommending them because their loans got closed honestly, quickly and at the best rates out there. Therefore I will continue to recommend them and use them in my next purchase!"
— Blake S. (Pelham, NY)
"As a lifelong resident of Williamsburg, it's refreshing to see that people still do really care about their customers. Mortgage Master is one such company."
— Lisa J. (Brooklyn, NY)
"I have been working for 10 years in Brooklyn as a top producing real estate agent and I always refer Mortgage Master. They are extremely honest, patient and communicate better then any other mortgage professionals I have ever worked with in the industry. You will be glad you work with them for all of your financing needs in NYC!"
— Philip H. (Brooklyn, NY)
"This was by far the best service I have seen for a mortgage company, I have worked with a few companies and several brokers, but this one certainly deserves 5 stars. The company was very professional in handling the entire process efficiently and we were done with no issues and no stress... with the best deal I could find."
— Sharad G. (Needham Heights, MA)
"These guys at Mortgage Master are professionals that go above and beyond your expectations for the best rates and service. They take the guess work out of financing and you can just focus on purchasing your new home."
— Drew D. (New York, NY)
"Taking out a mortgage is not fun, but they make it easier and less intimidating. If I had to do it again I would chose Mortgage Master. I give it a grade A ++!!!"
— Evie U. (Somerville, MA)
"Even if you don't read any of the other reviews, you'll get a good idea of how great Mortgage Master is by meeting them. No nonsense, patient advice from a staff that's done this many times over, and can help you negotiate the sheer ridiculousness of the process."
— Earl M. (Brooklyn, NY)
"Super helpful and straight shooters. Actually cared about my mortgage and what was best for me. Who knew there were actually good honest people in the mortgage world. Thanks again!"
— Peter A. (Bronx, NY)
"They were patient and very knowledgeable. With all the recent changes, it's wonderful to have a team of people who understand all the details and who can make your case with the underwriters. When I was ready to give up after yet one more underwriter question/concern, they kept going, navigating through each step of what has become an insane process. I will be recommending them to anyone who is looking for a mortgage in the future."
— Sue N. (Jersey City, NJ)