Check out this killer website and see what wells fargo's would be.... http://www.perryhenderson.com/calculator/mortgage.html

Dawn,

Check out our website to get a clear idea of what you could pay and afford as well compare the nation's best rates.

Jeff

Any mortgage calculation you could possibly desire...

http://www.dinkytown.net/mortgage.html

I would recommend that you contact a local bank and find out their current rates and also how much they are willing to lend you.
I would assume you would have 20%+ down payment since you currently own a home, but if you won't, then ask you banker what the rates would be based on your best guess.

Then using a tool like zillow, you can get a good guess at the value of your home. Discount that amount brutally so you can calculate the worst case scenario of the proceeds you might enjoy.

Once you figure out how much you will have to put down on your new home, and also what price range your new home will be in, you can figure out how large a mortgage you will have to take out on the new property. Since the bank can tell you the cost per $1000 of loan, you can calculate your new monthly mortgage payment.

If you need more help than that, give me a call.

Good luck,
Rita

There are a lot of variables involved. Get an accurate comp check on your current property http://(www.zillow.com) is a great site if not in NH or ME or talk to a local realtor or appraiser. Assets, FICO, Income, employment are all still going to come into play. This is not a question someone can just throw a number at without several considerations. If they do...run away!!! Example: if you sell your current home for 250k with 125k remaining on current mortgage, in general that gives you the 125k difference in assets. If your new purchase is for 300k, the fact that you sold your home and pocketed 125k makes little difference unless utilized for down payment or reserves/assets. You can have 125k in assets and if your FICO is 515 and you were late 60-days twice on the mortgage for the house you just sold, you will be stuck with a non-prime lender with higher rates due to the mortgage lates. Can be complicated!! No set standard. It's a case by case market.

Dear Dawn,

Selling a home and buying a new one is a huge step. If I was in the process of doing that, I would create a team to assist me with this decision.

First, I would call my Realtor to see how much my home is worth right now and check on the pricing of replacement homes. If you do not have a Realtor that you used in the past and are happy with, ask your friends and neighbors for a referral.

Secondly, I would call my mortgage consultant to sit down either in person or over the phone and run different scenarios. There are so many different programs out there. It's a matter of finding one that will work for you and fits your needs.

Once you have these 2 experts on your team, you can make an intelligent decision.

Good luck! Sounds like you have an exciting couple of months ahead of you.

You could also call your loan officer to have them check for you. A rule of thumb is 1% of your mortgage amount -$100 or -$150. So a $100,000 mortgage should have payments in the range of $850/$900 a month. That's a very rough estimate though.

Please use the mortgage calculator on my website. It's free and it will give you the mortgage payment amount and amortization schedule (so you know exactly what you will pay for the loan over time). You can even figure out how much it will cost you to sell your current property! Just email me if you have any other questions. Best of luck to you!