How much home can you afford? Many factors can impact how comfortable you are making mortgage payments. See how your income, expenses, credit score, and down payment impact an affordable home price with the calculator below. Our affordability calculator provides an initial estimate, but talk with your agent for an in-depth review of home affordability based on your personal situation.
Use the Affordability Calculator
Affordability Calculator
Answer your Budget and Affordability Questions
This calculator can be a useful starting point but talk with your agent and mortgage lender for a more detailed evaluation.
Lenders look at factors including income, credit score, and debt to determine the size of the loan a home buyer can qualify for. Additional loans are available to help first-time homebuyers qualify for a loan and afford their first home.
Personal spending habits can impact how comfortable you are making a mortgage payment. Other factors, like interest rates, can also impact your monthly mortgage payment and overall affordability. Visualize these factors with the mortgage calculator.
To answer specific questions about home affordability, like budget and saving for a down payment, connect with a real estate agent.
Affordability Calculator Definitions
- Gross Annual Income – Your income is how much you make before taxes. Include total income for you and any co-borrowers.
- Monthly Debt – How much money do you spend each month? This should include things like car payments or student loans. Do not include your current rent or mortgage payment here, unless you will keep those costs in addition to a new home mortgage (i.e. purchasing a second home, vacation home, or income property).
- Credit Score – Select how you would rate your credit score. Excellent credit typically reflects a FICO score of 750 or higher, while poor scores are 650 or lower. Learn more about credit scores.
- Down Payment – This is the amount of money you will pay up front for the home. A higher down payment will lower the monthly payment. Make sure your down payment meets any minimum required by the lender.
- Loan Term – This is how long it will take you to pay off the home loan.
- Property Tax – Property tax is estimated based on the home’s value. You can edit this number.
- Mortgage Insurance – Insurance is often required by lenders. You can remove this from the calculation by clicking the box labeled “Remove Mortgage Insurance.”
