Quick answer: In this example, the estimated true monthly cost is about $4,942, front-end DTI is 38.0%, back-end DTI is 44.2%, and leftover cash is about $-42.
Home price$500,000
Loan amount$450,000
True monthly cost$4,942
Leftover cash$-42
Assumptions
- Down payment: 10%
- Interest rate: 6.75%
- Loan term: 30 years
- Property tax estimate: $6,500/yr
- Insurance estimate: $2,200/yr
- Utilities: $450/mo
Interpretation
This is an illustrative example. Replace the assumptions with your own scenario in the calculator.
Open this scenario