Quick answer: In this example, the estimated true monthly cost is about $2,521, front-end DTI is 38.8%, back-end DTI is 44.9%, and leftover cash is about $-421.
Home price$250,000
Loan amount$237,500
True monthly cost$2,521
Leftover cash$-421
Assumptions
- Down payment: 5%
- Interest rate: 6.75%
- Loan term: 30 years
- Property tax estimate: $3,000/yr
- Insurance estimate: $1,600/yr
- Utilities: $280/mo
Interpretation
This is an illustrative example. Replace the assumptions with your own scenario in the calculator.
Open this scenario