Are you thinking about purchasing a home, but unsure how much you can afford? Use our easy-to-use Mortgage Affordability Calculator to get an estimate of the maximum home price you can afford based on your financial situation.
Simply enter the following information to get started:
- Gross Monthly Income: Your total income before any deductions.
- Monthly Debts: Include any regular debt payments, such as loans, credit cards, etc.
- Down Payment: The amount you plan to put down for the home.
- Estimated Interest Rate: The interest rate for your mortgage.
- Monthly Property Taxes: The amount you pay for property taxes each month.
- Loan Term (Years): The duration of your mortgage loan (usually 15, 20, or 30 years).
Once you enter this information, the calculator will estimate the maximum home price you can afford based on your financial profile. This is a helpful tool for understanding your purchasing power and can give you an idea of what homes you can target in your home search.
Instructions:
- Fill out the form: Enter your gross monthly income, debts, down payment, interest rate, property taxes, and loan term in the fields below.
- Click “Calculate Maximum Home Price”: Once you’ve filled out the form, click the button to calculate.
- View the result: The calculator will show you the estimated maximum home price you can afford based on the information you’ve entered.
Please note that this is just an estimate and doesn’t replace a formal mortgage pre-approval from a lender. For the most accurate information, we recommend reaching out to a mortgage professional.