To get an idea of how much you can borrow, enter your info into our calculator. The calculator estimates your expenses using a standard cost-of-living index, giving you a home cost you’ll likely be able to afford.
Please note that the results do not include property taxes or homeowner’s insurance. These costs will vary depending on the ZIP code of your new home and its condition. If you are putting down less than 20% of the home’s value, you will also have the cost of PMI (private mortgage insurance). PMI can be eliminated once you have at least 20% equity in the home.
How to use the calculator
- Enter your loan details, including down payment, length of loan (1-30 years) and your desired interest rate (your rate will largely be determined by your credit score; the better your score, the lower your rate).
- Next, enter your monthly income. This includes your monthly wages as well as any alimony your receive or other sources of income.
- The last step is to enter your monthly expenses: any car payments, credit card payments, alimony or other forms of debt.
- Then click Calculate to learn how much home you can afford.
Getting an idea of home much you can afford is a good first step when shopping for a new home.
Once you’re ready for a mortgage, remember to shop around and compare lender rates to help save on your overall cost.