The Affordability Calculator will help provide a quick view of the affordability of a property. Our system has default value settings to achieve this which you can customize easily based on your preferred payment terms: 8.5% interest rate, 20% downpayment, and 10 years payment period.
Estimated Monthly Payment = Loanable Amount * Amortization Factor Rate
Suggested Monthly Income is calculated based on the recommended 30% threshold to be allocated for property payment.
Loanable Amount = Total Contract Price - Downpayment
Amortization Factor Rate = Monthly Interest Rate/1 - (1+Monthly Interest Rate)-Loan Payment Terms in Monthly
Values are only estimates to have a reference on affordability. It is recommended to inquire to the agent or broker of the property to explore other payment options.