Mortgage Affordability Calculator is an online personal finance estimation tool to calculate how much maximum money you can borrow from the lender. This is the calculation that let you know your ability to pay back your total debt in time based on your monthly gross income and expenses, interest rate and total loan period.
A mortgage is a legal agreement by which a bank or similar organization lends you money to buy a house, etc., and you pay the money back over a particular number of years; the sum of money that you borrow. The fundamentals of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably on the different Mortgage Loan providers. Mortgage affordability is an important aspect to calculate before go for any mortgage. In order that when it comes to online calculation, this mortgage affordability calculator helps you to determine the maximum affordability to the mortgage agreement, total interest on the principal amount and monthly payment.