|This calculator can help
you find out how much that new house will cost per month or based on
a monthly payment, what selling price you can afford.
For example, if you wanted to calculate the monthly payments on a
$200,000 house with a 8.5% loan for 30 years and a $50,000 down
payment, you would enter 8.5 for the interest rate, 30 for the term,
50000 for the down payment (no $ or , please) and 200000 for the
house cost. Then click the "Calculate Payment" button and the
monthly payment will be written in its window.
If, on the other hand, you knew you could only afford a
month payment, instead of entering a house cost, enter 1000 in the
Monthly Payment box and click the "Calculate House Amount" button
and the price of the house you afford with that monthly payment will
be written in the House Amount window.