Monthy payment versus borrowing power
Your monthly payment tells you what the loan costs. Your borrowing power tells you how much you can borrow based on income and fixed obligations. Those two numbers often move differently once the rate or term changes.
That is why the mortgage, maximum mortgage and housing costs tools work best together. They show not only the number, but also the pressure on your monthly budget.
Which scenarios should you test?
Always test at least three scenarios: the current interest rate, a slightly higher rate and a shorter or longer term. For many buyers, that is the difference between a realistic plan and a paper-only plan.
If you are also thinking about overpaying early or comparing rent versus buy, the calculator should not stand alone. It should be the start of a housing decision, not the end.
FAQ
Veelgestelde vragen
Korte antwoorden eerst. Open de vraag voor de toelichting.
Is borrowing power the same as monthly cost?
No. Borrowing power tells you the loan size; monthly cost tells you what you repay each month.
Should I include housing costs too?
Yes. Utilities, insurance and recurring costs change what a home really costs.
Which tool should I use after this?
Use maximum mortgage or buy vs rent for the next comparison step.
Sources
Externe links openen de officiële bron die voor deze gids is gebruikt.