Research
SellSomeProperty.com puts industry-leading research tools at your disposal.

 

Need a home valuation?
Let us know about your home and we will be happy to give you a current value based on recent home sales and market activity.

 

Stop trying to exploit this website.

Here’s A Quick Way To Figure Out How Much House You Can Afford…

The stock answer given to this question is - if you rent and have case for a down payment, you can purchase a home. But what if you don't rent? Then, here's the simplified version of what a mortgage broker would do with you.

Step one: (Annual salary / 12)

What is your gross monthly income from all sources? If your annual salary is $75,000, divide this by 12 and you'll see that your monthly income is $6,250.

Step Two: (Monthly salary X percent you want to spend)

Brokers and financial planners will recommend that you spend anywhere between 25% and 36% of your monthly income on household expenses. We're going to use 36%. $6,250 X .36 = $2,250.

Step Three: (Calculate your debt)

Add up your currently monthly debt. This includes things like a car loan, insurance, school loans, credit cards, and any other personal debt you may have.

All of this added together gives you your total debt. Just a guess, but let's say that these ad up to $750 a month.

Step Four: (Amount you want to spend - total debt)

Now, take that total debt and subtract it from the amount that you were willing to spend per month to get your maximum monthly payment.

$2,250 - $750 = $1,500

Step 7: (Mortgage + Down payment)

Now, take the amount that you have calculated that you can afford to pay for a mortgage, add the amount of case that you have on hand to make a down payment, and you get your purchase price!

So, using the current example: The mortgage was $180,000 plus you have $20,000 on hand for a down payment, then you can afford to purchase a home for $200,000.

Now, did that REALLY seem like algebra to you?

Although this is a quick and easy estimate, you should work with a mortgage lender so that you known EXACTLY how much you can afford.

 

Valuation
What is Your Home Worth?
Let us know about your home and we will be happy to give you a current value based on recent home sales and market activity.
Research
What Has Sold?
Compare homes in the vicinity.
Organize
Property Organizer
Your Property Organizer is your tool for searching, managing, and sharing your Saved Searches and Saved Listings.
Notify
E-Mail Updates
Receive new listings, delivered right to your e-mail box!
 

 

Your Personalized MLS
Using SellSomeProperty.com's portfolio feature, you can conduct deeper searches into the MLS database, set up automatic email alerts, and organize your search results.
Let us do the searching
When you save a search you get our tools to do the hard work for you – we’ll check everyday for new listings that match your saved criteria and send you an email whenever we find one.

 

LATEST NEWS

upcoming news & events
Real estate ...
As temperatures slowly begin to heat up, so is the real estate market across ...
Darien Real ...
If you would like to receive new Darien or Rowayton property listings directly ...
Curbed IRL: My ...
Atlanta's still a hot real estate market with a median sale price of $166K ...