What is the Affordability Calculator?
The Affordability Calculator will help provide a quick view of the affordability of a property. Our system has default value settings to achieve this, which you can customize easily based on your preferred payment terms: 8.5% interest rate, 20% downpayment, and 10 years payment period.
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Estimated Monthly Payment = Loanable Amount * Amortization Factor Rate.
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Suggested Monthly Income is calculated based on the recommended 40% (of gross income/salary) threshold for property payment.
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Loanable Amount = Total Contract Price - Downpayment
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Amortization Factor Rate = Monthly Interest Rate/1 - (1+Monthly Interest Rate)-Loan Payment Terms in Monthly.
Values are only estimated to have a reference on affordability. It is recommended to inquire to the salesperson or broker of the property to explore other payment options.
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