How Much House can I Afford?
How much house can you afford to be looking for?
Shopping for a new home? Calculate the home price you can pay and the mortgage schedule you will need based on the payment, down payment, taxes and insurance you can afford. This calculator should give you a rough idea of your house price range based on the monthly payment you can afford for a mortgage. Once you are ready, you'll need to get professional mortgage advice on your actual affordability. Other factors include your credit rating and fees that you pay up front or roll into the mortgage loan.
- Mortgage Payments "I can Afford to Pay":
- The monthly amount you want or can afford to pay for a mortgage loan payment
- Down Payment
- The amount of cash on hand you will be able to put toward this purchase and not borrow in the mortgage loan.
- Mortgage Term
- How long will you take to pay back the loan in years or months? What is the term of your mortgage?
- Interest Rate
- The annual stated rate of your mortgage.
- Estimated Taxes
- What are the taxes you expect to pay on a yearly basis for your home?
- Estimated Insurance
- What is the insurance you expect to pay per year for your new home?
- Home You can Afford
- This is likely the asking price of the house you can consider purchasing.
- Approximate Mortgage You Need
- Considering all of the factors you entered, this should be the mortgage loan amount you will need to apply for.
For a simple calculation without insurance and taxes, use this simple mortgage calculator. You can also create a table of payments if you want to investigate various mortgage loan options.