Buying a home is a giant, life-changing step. For most people, it’s a milestone achievement, though it can come with some pretty serious concerns about financial readiness and what buying a home may mean for your lifestyle. This home loan borrowing calculator helps you work through the numbers and step forward into buying a home with confidence that you are making a commitment you can live comfortably with. Factoring your current income, expenses, and debt, the calculator shows your current borrowing power and gives you a reasonable estimate of the payments, interest costs, and time to payoff for the home purchase you are considering.
Maybe you’ve been asking yourself, “How can I improve my borrowing power?” The home loan borrowing calculator shows you the results of hypothetical changes like paying down your car loan or a personal loan, reducing the number of credit cards you hold (reducing the potential debt represented by the credit limits of those cards), making adjustments to living expenses, or increasing your income. Borrowing power is about more than simply asking how much you are allowed to borrow; it’s about how much you can borrow and still manage a comfortable life.
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