Quick answer: In this example, the estimated true monthly cost is about $3,485, front-end DTI is 36.7%, back-end DTI is 48.3%, and leftover cash is about $-385.
Home price$375,000
Loan amount$337,500
True monthly cost$3,485
Leftover cash$-385
Assumptions
- Down payment: 10%
- Interest rate: 6.50%
- Loan term: 30 years
- Property tax estimate: $4,500/yr
- Insurance estimate: $1,800/yr
- Utilities: $360/mo
Interpretation
This is an illustrative example. Replace the assumptions with your own scenario in the calculator.
Open this scenario