Mortgage affordability calculator

Find out how much you can borrow before you apply for a mortgage.

Last updated:

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Use the calculator to get an idea of how much you can borrow and what your monthly or biweekly repayments would be depending on the loan term you choose. You can change the fields as many times as you want and recalculate to find out how much different mortgage amounts and types will cost.

How to use the calculator

  1. Enter your loan details, including down payment, loan term and your estimated interest rate.
  2. Next, enter your monthly income. This includes your monthly wages as well as any other sources of income, like alimony, Social Security or investment property income.
  3. The last step is to enter your monthly expenses. Include any car payments, credit card payments, alimony or child support or other forms of debt.
  4. Click Calculate to learn how much home you can afford.

Other costs to consider

The calculator results don’t include property taxes or homeowners insurance. These costs will vary based on your home’s cost, condition and location. If you’re putting down less than 20% of the home’s value, you may also need to pay for private mortgage insurance (PMI). PMI can be eliminated once you have at least 20% equity in the home.

Compare loans from one of these lenders

Name Product Min. credit score State availability Loans offered
Axos Bank
Available in all states
Conventional, Refinance, Jumbo, Home Equity, Fixed, Adjustable, FHA, VA, USDA
Explore a full suite of home loan options with this direct online lender.
Figure Refinance
Apply in minutes for a cash-out refinance quote that won't hurt your credit.
Not available in: AZ, HI, MO, NV, NY, RI, UT, WA, WV
Conventional, Refinance, Jumbo
Prequalify in minutes and then compare home loan options from several top online lenders.
Available in all states
Conventional, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
Rocket Mortgage
Available in all states
Conventional, Refinance, Jumbo, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

Why is it important to use a borrowing power calculator?

Although the final decision of how much you can borrow lies with your lending bank, a borrowing power calculator can be a great starting point to help you figure out how much you can afford, what loan term works best for you and how adjusting your debts or expenses can affect how much mortgage you can afford.

Knowing how much you can afford ahead of time can also help you get started house hunting early and come up with a mortgage proposal that stands a good chance of being approved.

What determines my borrowing power?

Your borrowing power is determined based on several factors, including:

  • Your income. Your income is the biggest factor in determining what you can borrow as it’s where money for the monthly payments of your mortgage will come from. If you’re signing the mortgage with a partner or spouse, you’ll need to enter details of your joint or household income, which can increase the amount you can borrow.
  • Expense details. Some lenders will deduct your monthly expenses from your income when determining how much you can afford, while others will use a standardized formula to predict what percentage of your income you can spend on a mortgage.
  • Debt-to-income ratio. It’s important to repay most of your credit card debt before applying for a mortgage, as this debt could have a bearing on whether or not you get approved.
  • Loan term. A longer loan term cuts down on your monthly installments but increases the amount you have to pay in interest charges, while a shorter loan term means that you save on interest payments but have to commit to higher monthly payments. You may be able to afford a bigger mortgage with a longer loan term, but you’ll pay a lot more in interest.
  • Interest rate. The higher your interest rate, the less you’ll be able to borrow. You can get a competitive interest rate by improving your credit and comparing mortgage lenders.

Bottom line

Calculating how much mortgage you can afford can help you shop for a house in your budget and get approved by the lender you want. If you’re not sure which lender offers the best deal for your finances, compare mortgage lenders to find your best fit.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site