Use this calculator to estimate what amount of home you can afford
Enter some basic information to get started.
Estimated Total Mortgage Amount:
Estimated Monthly Payment:
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- Closing cost are an additional 1-1.5% of the purchase price.
What’s the purpose of a mortgage affordability calculator?
Our mortgage affordability calculator estimates how much house you can afford based on your income and expenses. You can get an estimate of the maximum mortgage amount you qualify for and the monthly payment. Generally speaking, it is recommended that you keep your mortgage payment at about 25% or less of your overall monthly budget.
Why is knowing my mortgage affordability important?
Knowing your price range allows you to focus on homes that fit in your overall budget. This can save you time during your home search and give you peace of mind that you’ll be able to cover all your expenses when you start making mortgage payments. Keep in mind, closing costs are typically an additional 1% – 1.5% of a home’s purchase price.
How do I use this calculator?
Enter the following information and click “Calculate” to estimate the maximum mortgage amount and the monthly payment.
Gross Income. This is your total yearly earnings before taxes or other deductions.
Down Payment. The down payment is how much you pay to the home seller upfront. Putting down 20% of the home price is recommended, as this will typically allow you to avoid additional mortgage fees. However, 20% is certainly not a must. Learn more about mortgage default insurance and your options here.
Amortization. This factors in the length of time you’ll be repaying the loan.
Estimated Monthly Debt. Add up your monthly debt payments such as credit cards, car payments and other recurring payments for your estimated monthly debt.
Estimated Housing Expenses. This includes the rest of your recurring monthly expenses, i.e., utilities, insurance, groceries, etc.
How can I apply these estimates?
Your mortgage affordability estimate can serve as a starting point as you search for homes that fit your budget. Adding different numbers to the calculator can show how your estimated price range would change based on your down payment, income and expenses.