Step 2: Determine how much house you can afford Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if home buyers plan to make a 20% down payment and have a moderate amount of other debt. Calculating your debt-to...
Mortgage calculators are great tools for understanding how much home you may be able to afford. They can be easy to use and show what your monthly mortgage payment could be with different home price, down payment, and interest rate scenarios. Check out a variety ofmortgage calculatorsfrom Disco...
Switching from a 30-year loan to a 15-year loan results in higher monthly payments but pays the loan off much more quickly, saving thousands of dollars in interest payments over the life of the loan. For example, a $100,000 loan at a 7% APR and a 30-year term will have a monthly ...