Home Affordability Calculator
Questions about homeownership or UMB Bank's mortgage loan options?
As a general guideline, you can multiply your gross annual income by 2.5 or 3 to estimate how much house you can afford. But you might have other financial priorities to consider, like travelling or paying off debt. Or maybe you want to live in a specific location, which requires spending more. It’s important to look at your total financial picture and create a realistic budget.
Owning a home can be a smart investment, depending on your personal financial situation. Home ownership also offers emotional benefits beyond finances. Whether buying your first home or planning to buy again, consider the benefits to homeownership, such as equity, stability, potential tax benefits and more.
There are out-of-pocket costs when buying a home. The cash you’d need to buy a home might include earnest money to show the seller your offer is serious (usually 1-2% of home purchase price); down payment (typically 3-20% of home purchase price); home inspection ($300-$500 average); and closing costs (loan origination, title, underwriting and other fees, usually 3%-5% of home purchase price).
The best mortgage for you depends on a lot of personal factors. The good news is, UMB mortgage loans aren’t one-size-fits-all. UMB offers many mortgage loan options, including special programs for first-time homebuyers, veterans and homebuyers in qualifying rural areas. Read more about UMB mortgage loan options.
Yes! UMB mortgage professionals are ready and willing to help with your homebuying questions and guide you through the process of applying for a mortgage loan. Connect with a UMB mortgage professional to get started today.
Mortgage loan checklist
Use our Mortgage Loan Checklist to gather the necessary documents ahead of time and help you move smoothly through the application process.
Homeownership resources
Read our helpful blogs that span topics from first time home buyer tips to mortgage refinancing.
Mortgage calculators
Use our mortgage calculators to help determine how much house you can afford, if refinancing your current mortgage is a good option and more.