Quick answer: In this example, the estimated true monthly cost is about $3,732, front-end DTI is 33.9%, back-end DTI is 39.8%, and leftover cash is about $418.
Home price$400,000
Loan amount$360,000
True monthly cost$3,732
Leftover cash$418
Assumptions
- Down payment: 10%
- Interest rate: 6.50%
- Loan term: 30 years
- Property tax estimate: $4,800/yr
- Insurance estimate: $1,900/yr
- Utilities: $400/mo
Interpretation
This is an illustrative example. Replace the assumptions with your own scenario in the calculator.
Open this scenario