- Enter your annual income.
- Enter your current monthly debt.
- Enter your down payment.
- Enter a state.
This mortgage affordability calculator gives you an estimate.
It provides a customized estimate based on the information you provide. But like any estimate, it’s also based on some rounded numbers and rules of thumb. You may update any of the calculator fields for a more specific result.
Please fix the following items to continue:
The following fields are required.
Annual income before taxes
Your annual income before taxes, or gross income, may be received as money, goods, property, or services.
Enter your annual income.
Monthly debt
Your monthly debt includes monthly required credit card payments, car payments, student loans, alimony and child support payments, any house payments (rent or mortgage) other than the new mortgage you’re seeking, rental property maintenance, and other personal loans with periodic payments. Don’t include everyday expenses like groceries.
Enter your current monthly debt.
Down payment
This is the cash you pay up front when you buy a home. The larger your down payment, the less you’ll need to borrow and pay back in interest.
Enter your down payment.
State
Choose the state where you’re thinking of buying a home.
Property tax
Property tax is calculated by your local government on the value of the property you own, including the land.
Homeowners insurance
This is a type of property insurance that often covers interior and exterior damages, personal assets, or injuries that occur while on the property. It’s often based on your home’s price.
Homeowners association fees (monthly)
HOA fees are monthly dues that condo owners and homeowners in some single-family neighborhoods pay.
Interest rate
This is the amount of money your lender charges you for using their money. It’s shown as a percentage of your principal loan amount.
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What's included in your estimated monthly payment:
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Affordability breakdown
Affordability breakdown
These ranges are based on what your debt-to-income ratio (or DTI) would be.
Affordable In this range, with a DTI from 0% to 36%, you’d be able to pay your monthly bills and still have money left for food and entertainment.
Stretch In this range, with a DTI from 36.1% to 43%, you’d likely be able to afford your monthly housing payments but it may take away from your other expenses or affect your savings.
Aggressive In this range, with a DTI from 43.1% to 45% or higher, you may be likely to miss payments if any unexpected expense occurs.
Affordable
Recommended
Stretch
Aggressive
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Understand how much house you can afford.
This mortgage affordability calculator provides an idea of your target purchase price, and it’s based on some assumptions.
First, a standard rule for lenders is that your monthly housing payment should not take up more than 28% of your gross monthly income. That way you’ll have enough money for other expenses.
The calculator also assumes that your total monthly debt obligations (debt-to-income ratio) are 45% or lower. These debt obligations can include monthly required credit card payments, car payments, student loans, alimony/child support payments, any house payments (rent or mortgage) other than the new mortgage you’re seeking, rental property maintenance, and other personal loans with periodic payments.
Finally, keep in mind that closing costs, and any additional taxes and fees, can add up. Contact a mortgage loan officer to learn more about these important parts of the homebuying process.
Get answers to some basic home affordability questions.
Understanding down payments
A down payment is the cash you pay up front when you buy a home. The larger your down payment, the less you’ll need to borrow and pay in interest—but you don’t have to have 20% to put down. Here are some down payment basics to keep in mind.
Why your credit score matters
When it comes to buying a home, credit score is an important factor. The higher your credit score, the better your chances are for approval and for better interest rates.
Affordable housing resources
Interested in down payment assistance or grant programs for homebuyers with limited incomes? Check out our access to homeownership guide. Learn about mortgages you might not have heard about, connect to mortgage loan officers and find answers to even more of your homebuying questions.
More tools and calculators
Today’s mortgage rates
Interest rates vary depending on the type of mortgage you choose. See the differences and how they can impact your monthly payment.
Monthly payment calculator
Your monthly mortgage payment depends on a number of factors, like purchase price, down payment, interest rate, loan term, property taxes and insurance.
Get answers to frequently asked questions about mortgage affordability.
To determine an affordable mortgage for you, you’ll need to consider how much you earn each month versus how much money you pay out every month (this is your debt to income ratio, or DTI).
Here are some other factors that can affect the affordability of a mortgage:
- Your down payment amount
- What type of home loan you take out
- How long you plan to pay off your mortgage
- Where you want to live
- Your credit score
A standard rule for lenders is that 28% or less of your monthly gross income should go toward your monthly mortgage payment.
For a basic estimate of what you may be able to borrow, get prequalified. Prequalification is simple and won’t affect your credit score.
The average cost of homeowners insurance varies by state. Along with location, the price of homeowners insurance can also depend on:
- Which company you choose
- Your deductible and coverage limits
- Your credit history
- Your home: its age, how it’s built, how it’s maintained and renovated, if there are special features like a pool, etc.
- Where you live: proximity to emergency services, neighborhood crime rate, etc.
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