parkfairfax.com The John and John Team

Mortgage Calculator

Buyers often ask us, "Can I afford to buy a home in Parkfairfax?" Surprisingly, it's easier than you think. The calculator below will help you get an idea of how much buying power you have. It is based on a simple fixed-interest mortgage. To approximate your buying power, fill in the information below. 

To determine Required Salary, this calculator makes the following assumptions, typical of most loan programs. 
  1. Your monthly mortgage payment should not be more than 28% of your gross monthly salary.
  2. The sum of your monthly mortgage payment, together with your other monthly debt payments, should not be greater than 38% of your gross monthly salary.
Selling Price
$
Selling price of the home
Down Payment
$
Mortgage Amount
$
The amount of money you will borrow.
Annual Property Taxes
$
Based on 2008 Alexandria tax rate
Mortgage Term
Total number of years to repay mortgage,
typically 20 or 30 years.
Mortgage Rate
%
Monthly Payments on Other Debt
$
Car loan, college loan, etc.
Monthly Mortgage Payment
Monthly Total Payments
Including taxes and other debt payments.
Required Salary
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Information is believed to be accurate, but should not be relied upon without verification.
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