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Dale P. Robinson CFP® ,CLU

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330 Town Center Drive, Suite 328
Dearborn, MI 48126
  • Phone:
    313-908-4517
  • Fax:
    313-228-5882
  • E-mail address: dale.p.robinson@lpl.com
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Dale P. Robinson CFP® ,CLU

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Printed from: www.daleprobinson.com
  • Dale P. Robinson
  • 330 Town Center Drive, Suite 328, Dearborn, MI 48126
  • 313-908-4517 | dale.p.robinson@lpl.com

Home Affordability

Estimate of the maximum amount of financing you can expect to get when you begin house hunting.

Be sure to include all sources of income, including salary, interest, dividends, etc.

Shopping for a home can be a very exciting time. But before you begin evaluating neighborhoods and housing options, you’ll need to know just how much you can afford to spend. This calculator is designed to give you an estimate of the amount of financing you can expect to get when you begin house hunting.

The most common home loan term is 30 years but if you can afford the higher monthly payments of a shorter term loan, your total interest paid would be less.

 

Your Results

The results below show the down payment amount, the maximum home price, and the monthly payment amount, based on the information you provided. Note that if you can afford a larger down payment — or find a mortgage with a lower interest rate — you will ultimately be able to spend more on a home.

Down payment: $0
The maximum home price you may be able to afford, including your down payment: $0
Your monthly payment amount: $0

This chart shows how much of your annual income will go toward paying your debts if you were to buy the highest-priced home you can afford based on the information you provided. Would too much of your income go toward debt? If so, you may want to consider paying off some of your existing obligations before buying a home.

Income That Would Go Toward Debt

 

When determining the amount you can borrow, lenders will typically prefer that your mortgage plus taxes and insurance not exceed 28 percent of your gross monthly income. In addition, lenders recommend that your mortgage, property taxes, insurance and all other monthly obligations not exceed 36 percent of your gross monthly income.

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald Connect, LLC.
© 2019 Emerald Connect, LLC. All Rights Reserved.

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Contact Us

330 Town Center Drive, Suite 328
Dearborn, MI 48126
  • Phone:
    313-908-4517
  • Fax:
    313-228-5882
  • E-mail address: dale.p.robinson@lpl.com

Market Watch

February 21, 2019 @ 12:37 PM

Ticker Name Percent Difference (when noted with %) otherwise Last Price Difference (where applicable)
Dow Jones Industrials ETF -0.1%  
Nasdaq Composite ETF -0.1%  
S&P 500 ETF -0.1%  

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All quotes are in US Eastern Time (EST).
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Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AL, AZ, FL, GA, MI, NC, NM, NV, OH, PA, TN, TX, WV.

 

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