Mortgage Affordability Calculator
Are you getting ready to buy a home but don’t know how much house you can afford? Use our mortgage affordability calculator to determine a realistic price range for your next home purchase. After analyzing your income, loan term, mortgage rate and other factors, you’ll get a personalized estimate of your mortgage and monthly budget that best fits your finances.
Mortgage Calculator Help
Check out our glossary to familiarize yourself with mortgage terminology or read our guides to make the best decisions when looking for a mortgage.
Interest Rate
When you take out a loan with a lender, you have to pay interest on that loan. The amount of interest paid per year is determined by the interest rate, which is calculated based on your loan amount. The interest rate will vary depending on your credit – better credit means a lower interest rate.
Down Payment
The upfront payment that you must make (usually in cash) when you take out a mortgage and finalize your home purchase. The typical down payment amount is 20 percent of the home price.
Monthly Debt
Other debt that you may already have (e.g., credit card debt, student loans, etc.). If you have monthly non-mortgage debt, it may be tougher for you to make monthly payments, which means that you won’t be able to afford a more expensive home.
