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Home Affordability Calculator

Estimate the maximum home price you can afford by factoring in your income, debts, and mortgage details.

Home Affordability Calculator
Enter your home affordability details:
Annual Gross Income: Your yearly gross (before tax) income from all sources.
Total Monthly Debt Payments: Include regular debt payments (credit cards, auto loans, etc.).
Down Payment: The amount of cash you plan to put toward the home upfront.
Mortgage Interest Rate (%): The annual interest rate for your mortgage. Enter as a percentage (e.g., 5.0).
Mortgage Term (Years): How many years you plan to pay off the mortgage (common terms are 15 or 30).

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About Home Affordability Calculator

This Home Affordability Calculator looks at your income, debts, and mortgage details to give you an estimate of the home purchase price you could qualify for.

How Does It Work?

Lenders often use something called a "debt-to-income ratio" to gauge if you can handle a mortgage. We take your annual income, turn it into a monthly figure, and apply a guideline (like 36%) to determine how much of your paycheck can go towards your debts—this includes your future mortgage. If there's a healthy amount left for a mortgage, we calculate how large a loan you might qualify for, add in your down payment, and voilà: a rough idea of the home price you might afford!

What Will You Need?

Why Use This Calculator?

Remember, this is just an estimate. For a precise figure, you'll want to talk to a trusted mortgage professional. But for now, let's get started to see your potential home price range!

Reference this content, page, or tool as:

"Home Affordability Calculator" at https://miniwebtool.com/home-affordability-calculator/ from miniwebtool, https://miniwebtool.com/

by miniwebtool team. Updated: Jan 28, 2025

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