Quick answer: In this example, the estimated true monthly cost is about $3,045, front-end DTI is 35.8%, back-end DTI is 44.1%, and leftover cash is about $-545.
Home price$325,000
Loan amount$292,500
True monthly cost$3,045
Leftover cash$-545
Assumptions
- Down payment: 10%
- Interest rate: 6.50%
- Loan term: 30 years
- Property tax estimate: $3,900/yr
- Insurance estimate: $1,700/yr
- Utilities: $325/mo
Interpretation
This is an illustrative example. Replace the assumptions with your own scenario in the calculator.
Open this scenario