Quick answer: In this example, the estimated true monthly cost is about $2,830, front-end DTI is 31.4%, back-end DTI is 36.4%, and leftover cash is about $720.
Home price$300,000
Loan amount$270,000
True monthly cost$2,830
Leftover cash$720
Assumptions
- Down payment: 10%
- Interest rate: 6.50%
- Loan term: 30 years
- Property tax estimate: $3,600/yr
- Insurance estimate: $1,800/yr
- Utilities: $300/mo
Interpretation
This is an illustrative example. Replace the assumptions with your own scenario in the calculator.
Open this scenario