How Much Mortgage Can I Afford?

If you are a first time home buyer, you probably have many questions. Are your ready to buy a home? Can you really afford a mortgage payment?

Keep in mind that all mortgages are not created equal. Make sure the lender has more than one program for you to review. For example, don’t assume that the “standard” 30 year mortgage is the best one for you. There are several alternative choices that may help you in the first few years of your mortgage.

Purchasing a home is a major financial commitment, when you sit down and talk with potential lenders, be sure to ask all your questions.

You will have some concerns, but if you’re a first time buyer consider this also:

You will now be able to qualify for an income tax deduction for the interest you pay on your mortgage. This deduction effectively could reduce the true cost of your monthly payment by 10 to 20% when compared to your current rent payments.

All of our team members at The Space Company can introduce you to the best and most reliable lending professionals.

Easy Mortgage Calculator

Looking to buy a new home but worried about the monthly mortgage payments? Stop guessing and easily calculate your monthly mortgage payment.

Using the form below, enter the amount of the loan, interest rate, and number of years.

Principal:
$
Down:
%
Interest Rate:
%
Term:
yrs
Monthly payment:
$

Note: This calculator should be used for estimation purposes only

The Space Company can help you find mortgage lenders for Charleston, South Carolina Dorchester, Berkeley counties and surrounding areas.

Please contact us for more information.

 

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