How Much Mortgage Can I Afford?
Not sure exactly how much mortgage you can afford? This fantastic calculator will actually walk you through the process of determining what your income will need to be, based upon the ratio requirements for a traditional mortgage loan. If you have your eye on a home, and know the value of the property, this calculator will tell you outright whether or not you can afford it. Another variation of this great tool is our how much can I borrow mortgage calculator, which provides the max mortgage based upon your qualifying income and debt ratios.
To begin answering the question, "how much mortgage can I afford," please enter your desired loan amount. (Use our down payment calculator to work through a home's list price in order to get to a loan amount for our affordability calculation.) Next, enter your estimated interest rate and the repayment terms. Now, as accurately as possible, you'll want to include all of your debts other than those which will payoff within the next 9 months, monthly rent, car insurance, phone, electric, gas, health insurance, and other miscellaneous bills not reported to the credit reporting agency. Once you're done with your entries, click calculate to see how much income you will need to afford the proposed mortgage.
Have questions? Use our quick quote to get a fast quote.