Calculate the maximum home price you can afford based on your income, debts, down payment, and desired monthly payment. Uses standard lender qualification ratios.
Total household income before taxes
Total of all recurring monthly debts (car loans, student loans, credit cards)
Expected mortgage Financing Rate
Cash available for the down payment and closing costs
Based on the front-end and back-end debt-to-income ratios (typically 28% and 36%), the calculator determines the maximum allowable monthly housing payment. That payment is then used in the present-value-of-an annuity formula to find the maximum loan amount, which is added to the down payment.
Estimate your monthly mortgage payment and Total Finance Rate cost.
Decide if refinancing your mortgage will save you money.
Determine whether renting or buying is the better financial choice for you.
Get an estimate of your total mortgage closing costs.
Estimate PMI costs and find out when you can drop it.
Save thousands by switching to biweekly mortgage payments.
