Mortgage Calculator

Mortgage Affordability Calculator

Calculate how much house you can afford based on your income, debt, and down payment. Make informed decisions about your home purchase with our comprehensive calculator.

Mortgage Affordability Calculator

Determine how much house you can afford

Income Information

Annual gross income:

Monthly gross income:

Other monthly income:

Debt Information

Monthly debt payments:

Monthly property tax:

Monthly home insurance:

Monthly PMI:

Loan Information

Down payment:

Interest rate (%):

Loan term (years):

Max debt-to-income ratio (%):

Home Information

Home price:

Down payment:

Interest rate (%):

Loan term (years):

Additional Costs

Monthly property tax:

Monthly home insurance:

Monthly PMI:

Monthly HOA fees:

Scenario A

Home price:

Down payment:

Interest rate (%):

Loan term (years):

Scenario B

Home price:

Down payment:

Interest rate (%):

Loan term (years):

Results

Maximum Home Price

$280,000

Maximum loan amount: $230,000

Monthly payment (PITI): $1,843

Total monthly housing: $1,843

Debt-to-income ratio: 43%

💡 Affordability Tips

Consider a larger down payment to reduce monthly payments
Pay down existing debt to improve your debt-to-income ratio
Shop around for the best interest rates
Factor in closing costs and moving expenses

Monthly Payment

$1,843

Principal & Interest: $1,443

Property tax: $300

Home insurance: $100

PMI: $0

HOA fees: $0

Loan Summary

Loan amount: $240,000

Total interest: $279,480

Total payments: $519,480

Scenario A

$1,843

Loan amount: $240,000

Total interest: $279,480

Scenario B

$1,685

Loan amount: $280,000

Total interest: $326,600

Scenario A saves you $158 per month

But Scenario B costs $47,120 more in total interest over the life of the loan.

Complete Home Buying Guide

Understanding Affordability

Key factors that determine how much house you can afford:

Debt-to-Income Ratio: Most lenders prefer 43% or less
Down Payment: Typically 5-20% of home price
Credit Score: Higher scores get better interest rates
Employment History: Stable income for 2+ years
Monthly Expenses: All recurring debt payments

Mortgage Types

Fixed-Rate Mortgage

Interest rate stays the same for the entire loan term

Adjustable-Rate Mortgage (ARM)

Interest rate can change periodically

FHA Loans

Government-backed loans with lower down payments

VA Loans

For eligible veterans with no down payment required

Additional Costs

Don't forget these important expenses:

Closing Costs: 2-5% of home price
Property Tax: Varies by location
Home Insurance: Required by lenders
PMI: If down payment is less than 20%
HOA Fees: Monthly community fees
Maintenance: 1-2% of home value annually

Home Buying Tips

Get pre-approved: Shows sellers you're serious
Save for down payment: Larger down payment = lower monthly payments
Improve credit score: Pay down debt and make payments on time
Shop for rates: Compare offers from multiple lenders
Consider total cost: Not just monthly payment
Budget for emergencies: Home repairs and maintenance