California Mortgage & Home Loan Rates Online

So do you know how much house you can afford? A quick and easy way to find out how much house you can afford is to use our California mortgage calculators to find out your purchasing power and determine how much you can afford to pay each month. By determining your house affordability you can save time by allowing you to focus on homes in your specific price range.

Before purchasing a home you should consider both the upfront costs such as down payment and closing costs, to the costs for the duration of the loan such as maintenance and insurance.

Upfront costs and considerations:

• Down payment costs are from 3-30% of the cost of the house.
  
  
• The more you can put down, the more equity you will have in your home and the lower your monthly payment will be.
  
  
• Your monthly mortgage payment will vary depending on how much you put down.
  
  
• Closing costs and fees. Typically closing costs run from 2-6% of the loan amount depending on your area.

Duration of the loan costs and considerations:

• Homeowners insurance.
  
  
• Yearly property taxes.
  
  
• Monthly utilities.
  
  
• Maintenance on home and appliances.
  
  
• Grounds and pool upkeep and maintenance.

A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation. Keep in mind however, that buying a home offers many advantages, one of the reason is it allows you to build up home equity when you pay your mortgage each month.