🏡 Know Your Numbers Before You Start House Hunting! 💸

Before you start shopping for your dream home, it’s important to know exactly what you can afford. Understanding your numbers upfront means fewer surprises later and a smoother home-buying experience.

Here’s a real example straight from our in-house affordability tools:

💰 Scenario 1: Sample Home Purchase

• Home Price: $600,000

• Down Payment: $60,000 (10%)

• Loan Amount: $540,000

• Interest Rate: 6.19%

• Term: 30 Years

• Estimated Monthly Payment: $4,228.83

That monthly estimate breaks down as:

– Principal & Interest: $3,303.83

– Taxes & HOA: $500.00

– Homeowner’s Insurance: $125.00

– PMI: $300.00

📊 Scenario 2: Let’s Talk Affordability

With the following setup:

• Annual Income: $130,000

• Down Payment: $80,000

• Other Monthly Debts: $0

• Property Taxes: $5,000/year

• Home Insurance: $1,500/year

• Interest Rate: 6.19%

Your maximum home price could be around $841,389

and your target monthly payment about $5,200/month

Here’s what that looks like:

– Principal & Interest: $4,658.00

– Taxes: $416.67

– Insurance: $125.00

– Mortgage Insurance: $0.00

– HOA: $0.00

– Debt-to-Income Ratio (DTI): ~48%

✅ What We Do for Our Clients:

Before you make an offer, we help you understand:

– Your realistic purchase price limit

– A comfortable monthly payment that fits your lifestyle

– How your DTI (Debt-to-Income Ratio) affects approval

📞 Want us to run your numbers? Call or text (516) 218-1297 and we’ll break it all down for you no guesswork, just clarity.

LJ Mortgage Team Inc.🏠 Your Local Guide to Homeownership!

📍 127-03 Rockaway Blvd, South Ozone Park, NY 11420

📞 (516) 218-1297

LJ Realty Team Buy • Sell • Rent🏡 Equal Housing Opportunity

LJ Mortgage Team Inc. NMLS# 2120286

Purchase & Refinance

NYS Registered Mortgage Broker, NYS Dept. of Financial Services.

Broker arranges mortgage loans with third-party providers.

MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER.

Licensed by the N.J. Department of Banking and Insurance, is a Mortgage Broker and arranges loans with third-party providers.

We do not make any mortgage loan commitments or fund any mortgage loans.

NMLS ID #2120286 — www.nmlsconsumeraccess.org

💬 Disclaimer:

Payment amounts, max purchase price, and rate shown (6.19%) are examples for illustration only. Actual rate, taxes, insurance, PMI, HOA, debt-to-income, and approval will vary based on credit, income, assets, program, property type, and underwriting. This is not a loan approval or a commitment to lend.

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