Home Affordability Calculator Ohio | Unlock Your Budget's Potential | Ben Wourms' DreamX Tool

Annual Income

This figure represents the combined yearly earnings for you and any co-borrowers. Be sure to include all pre-tax income sources, such as base salary, commissions, bonuses, overtime, tips, rental income, investment earnings, alimony, child support, and other similar income streams.

Down Payment

A typical guideline suggests putting down 20% of the property price as your initial payment, though some mortgage options require as little as 3.5% down. A large down payment reduces the overall amount of your mortgage, lowering your ongoing costs and potentially allowing you to purchase a more expensive home. You can use our mortgage calculator for better insights.

Other Monthly Debts

Account for all regular monthly debt payments for you and any co-borrowers, including minimum required credit card payments, car loans, student loan payments, alimony or child support, existing rent or mortgage payments (excluding the new mortgage you’re applying for), rental property upkeep, and other installment loans.

Exclude: any credit card balances you pay in full each month, current housing payments that will be replaced by the new mortgage, or the new mortgage payment itself.

Loan Term

Your choice of loan term can impact both your interest rate and monthly installments. Options include 30-year fixed, 15-year fixed, and others, all of which can be selected within the calculator.

Loan Type

Mortgage options mainly include fixed-rate and adjustable-rate loans. Fixed-rate loans have a steady interest rate throughout the cycle of the loan, resulting in consistent monthly payments—even on long-term loans like a 30-year mortgage. This stability lets you predict total interest over time. Adjustable-rate mortgages (ARMs), on the other hand, come with an interest rate that may vary. They generally start with a lower rate than fixed-rate loans, holding it for a set initial period before adjusting annually. For example, a 5/1 ARM keeps the same interest rate for the first five years, after which the rate can change each year. ARMs are popular for starting off with a lower initial interest rate. 

Interest Rate

The calculator pre-fills this with the current average mortgage rate. Factors like credit score & down payment size will determine your actual rate.

Property Tax

Estimated property taxes based on the house’s value are included in the mortgage payment calculator, and you can adjust this figure in the advanced options if needed.

Home Insurance

Homeowners insurance is generally required by lenders, depending on the specific loan. You can modify this amount within the advanced options in the mortgage calculator. To ease the process and get more information contact our experienced lender Bill Hudson.

HOA Fee

Homeowners Association (HOA) fees are mandatory monthly payments for certain residential properties. These fees support property maintenance and improvements within the association.

Debt-to-Income (DTI)

Your DTI ratio, shown as a percentage, is figured by dividing your total monthly debt obligations by your gross monthly income. While the typical DTI limit for conventional loans is 36%, FHA loans may allow up to 41%. A DTI below 20% is considered ideal.

If you don't want to miss anything as a buyer, give a visit to our buyer resource page.