 Mortgage lenders are chiefly concerned with your ability to repay the mortgage. To determine if you qualify for a loan, they will consider your credit history, your monthly gross income and how much cash you'll be able to accumulate for a down payment. So how much house can you afford? To know that, you need to understand a concept called "debt-to-income ratios."
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Amortization will work with any kind of loan just enter your information to figure your monthly payment but with more detailed information.
Figure home mortgage, car loan, personal loan, student loan, refinance and many more.
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Amount of Loan
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$
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Down Payment
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$
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Monthly Payment
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$
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# of years
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Month/Year
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Interest
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Principal
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If you request an amortization schedule be shown, you can see how the principal and interest vary from payment to payment. There may be small discrepancies between the amortization schedule and the summarized calculations above the schedule. In calculating the schedule, principal and interest parts are rounded to the nearest penny, while the summary calculations above the schedule come directly from the analytic equation for amortization that I derived. Your lending institution may use a different method of handling fractional pennies. The final payment (or balloon payment) of the amortization schedule is adjusted (up or down) so that the debt is liquidated entirely.
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