J. Graham Realty, LLC

Licensed Real Estate Agency In NJ & Florida


  1. In addition to the above annual mortgage costs you need to add the annual real estate taxes, insurance, utility costs and other miscellaneous costs.
  2. Other additional costs to be aware of are the one-time upfront closing costs (mortage fees, legal fees and inspection costs).
  3. What are the initial and potential future capital costs that need to be spent on the house?

4 Perry Street
Morristown, NJ 07960
(o) 973.540.1232
(f) 973.540.0008


When you are initially searching for a house, you need to have a rough idea of what you can afford. If you choose to finance the house purchase with a mortgage, you will need to determine how much you can afford to put down, as well as, pay in monthly principal and interest payments (P&I).

If you have been pre-qualified and have already made an offer on a house, you may need to know how much more you can afford if you increased your offer price.  Below is a chart, which shows various purchase price amounts along with the initial down payment and P&I monthly payments. In some cases, a slight increase in the offer price does not translate into a lot more money down and/or big increase in P&I monthly payments.

Above figures based on a conventional 30 year mortgage at a 4% interest rate