Print

How much of a Mortgage can I afford?

Instead of asking yourself “How much could I borrow?” while considering a new house purchase or home construction, ask yourself “How much should I borrow?” It’s crucial to note the difference. This strategy focuses on the loan amount that matches your budget rather than the biggest loan amount you might be able to acquire.

Could vs. Should

You can determine how much you should borrow by creating a monthly household budget that takes into account any additional costs associated with owning a home. After all, you don’t want to overextend your finances to the breaking point to repay a loan.

Take into account your current debt payments (including credit card, student loan, and car loans etc.), savings, and how a new or additional loan payment might fit into your financial picture.

Once you have decided on a budget

Once you have factored in all the costs and found the monthly mortgage payment that fits your budget, speak with your loan specialist.

When comparing mortgages, ensure that you clearly understand their terms and feel comfortable with the monthly payments throughout the life of the loan.

Armed with this information, you are now better equipped to be a successful homeowner.

Also See:

Oops! That action is not allowed.

Daily Rates

INTEREST RATES
12 to 24 Month CD $5,000 to $500,000: 2.05% Above $500,000: 2.05%
36 to 48 Month CD $5,000 to $500,000: 2.10% Above $500,000: 2.25%
Savings  2.0%

Updated October 22ND 2019

CURABRBCBDSELL
USUSD2.67002.68822.7169
UKGBP3.3166

3.4346

3.6276

EUEUR

2.8471

2.9131

3.1331

CADCAD1.95071.9757

2.1467

BDSBDS1.34321.34321.3568
TTDTTD--0.4381
* Rates are provided for information purposes only and are subject to change.

Customer login

Login to your mobile banking account with your NBD username and password

Username
Password
Forgot your password?
Register