You are looking at a Chicago two-flat. The listing payment looks fine until taxes and insurance sit in the number. Then someone says the other unit “should cover it.”
Should is not a number. Run the payment. Subtract rent you can actually document.
What to put in
Open the Purchase tab → https://www.bankpricer.com/mortgage-calculator/?mode=purchase.
Price. Down payment. A rate already on a quote, or a public stamp from Rate Watch. Do not use a BankPricer rate from this post. There isn’t one.
Taxes from the parcel, not a national default. Insurance. HOA if there is one. Read principal, interest, taxes, and insurance as one monthly number. That is PITI.
Then the other unit
Take the rent you can show, not the rent you hope for. Lease on hand. Recent deposits. A vacant unit is zero until it is not.
Subtract that rent from PITI. What is left is what you still carry while you live there.
How to read it
If the leftover only works because you assume full rent on day one, that is the tell. Type a slower lease-up in your head and read the number again.
If you will not live in the building, stop. That is a different tool and a different conversation. This post is for the owner who plans to keep one unit.
What this number is not
Not approval. Not a BankPricer quote. Not a reason to upload a Loan Estimate to /leah/ today. That upload is still broken.
Not a DSCR calculator. Not an FHA or conventional eligibility checklist. Those are separate pages. This is payment math before the offer.
One thing to do
Open the Purchase tab → https://www.bankpricer.com/mortgage-calculator/?mode=purchase. Type the two-flat price and a real tax bill. Subtract the rent you can document. See if the other unit covers PITI for the years you will live there.
If the gap is why you want a second pair of eyes, talk to Jeff. He originates from Chicago with Barrett Financial Group, L.L.C. NMLS 1041652. Bring both screens and the rent you can prove.
Jeff Shin, NMLS 1041652. Barrett Financial Group, L.L.C. Chicago. Equal Housing Lender. Not a commitment to lend.