I'm trying to find a way to calculate the price of a home I can afford based on my potential downpayment, the monthly rent I can afford, and the interest of a potential loan. I've seen questions like this and this and I've consulted other sites like this, but I can't seem to find one with the home value as the output.
The structure I need is an equation that spits out a total home value (e.g. $800,000) with the following variables:
- Monthly Mortgage Payment
- Term of Loan
- Interest Rate
I'm fine assuming it's a standard mortgage, but if there was a way I could try out different types (ARM, etc.) that would be a plus.
One issue: I know Excel has the PMT function, but I want to know what's happening, so I need it to be in basic, PEMDAS-able operations.
Can anyone lead me in the right direction?