The data you need to buy your Louisiana dream home.
Buying a home is a big decision. Make sure you have the information you need to do it right.
Before using the free mortgage calculator, take a minute to calculate your gross monthly income — both yours and that of your spouse or co-borrower. Then, determine what 30 percent of that amount is. Experts generally recommend you spend no more than 30 percent of your income on housing, so keeping your mortgage payment below this number is ideal.
This handy mortgage payment calculator can help you get a pulse on what you can afford as a homebuyer, as well as what you can expect in terms of monthly payments.
To start, fill out the boxes with your best estimates. If you’re not sure about the interest rate you might qualify for, contact our Louisiana lending company or look to the Consumer Financial Protection Bureau’s rate exploration tool for an idea. Once you hit “Calculate,” you’ll see an estimated monthly payment based on your inputs.
Not seeing a number in your budget? Just hit the “X” and start over. Try a new price point and adjust your down payment if you have the savings to support it. Keep recalculating until you find a monthly payment that works for you and your household.
Our mortgage calculator is only designed to give you an idea of what you might be able to afford when you purchase a house. For more accurate and personalized data, reach out to Essential Mortgage today. We’ll take into account your income, debts, credit and homebuying goals, and we’ll give you a clear look at what mortgage loan options and costs you can expect when buying a house.