Mortgage Calculator

If you're looking to buy a home or refinance your mortgage, this web page should give you a good idea of how much money you will have left over every month to put into long term savings, given the cost of the home and the mortgage interest rate.

The calculations in the form below assume that you will be paying California state taxes for 2007.

The default values in the form represent the median California home price as of November 2006, and the minimum income needed to afford that house, as determined by The California Association of Realtors.

This web page is only designed to give you a rough approximation of how a mortgage could impact your finances and does not constitute professional tax advice. Please consult with a tax accountant before purchasing a house.

Current available savings:	$
Marital status:
Total yearly salary:	$
Other yearly income:	$
Yearly 401(k) or IRA contribution:	$
Yearly health insurance payments:	$
Exemptions:
Miscellaneous deductions:	$
Miscellaneous yearly expenses:	$
Yearly loan payments:	$

Purchase price of house:	$
Primary loan % of house cost:		%
Primary loan interest rate:		%
Duration of primary loan:		years
Secondary loan % of house cost:		%
Secondary loan interest rate:		%
Duration of secondary loan:		years
Points paid:
All closing fees, excluding points:	$
Monthly insurance payment:	$
Local property tax rate:		%

Money left over each month after expenses:	$	0	(should be a large number)
Monthly debt percentage of total income:		0 %	(should be 40% or less)
Remaining savings after house purchase:	$	0	(should be half a year's salary or more)

Downpayment:	$	0
Monthly mortgage payment:	$	0
Total monthly housing payments:	$	0
Primary loan:	$	0
Secondary loan:	$	0
Deductable first year interest payments:	$	0
Yearly property tax:	$	0

Yearly taxable income:	$	0
Social security tax:	$	0
Medicare tax:	$	0
Federal tax:	$	0
California state tax:	$	0
California state disability insurance tax:	$	0
Total estimated yearly taxes:	$	0