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Mortgage Affordability Calculator

Use our Mortgage Affordability Calculator to estimate your purchasing power. You can input your

Annual Income, total Monthly recurring Debt payments, planned Down Payment amount($), Years of Amortization of your loan (typically 30 Years), estimated Mortgage Rate, and Debt to Income ratio (defaults to 36%), to see how much home you can buy.

How much of my Income should I spend on my house?


Financial experts generally advise that no more than 28 percent of your gross income should go to a mortgage payment. This means if, after expenses and debt, your monthly income is $5,000 per month then your mortgage payment should not be more than $1,400 per month. That said, everyone has different financial goals and lifestyle needs. Some folks choose to underspend on their house and use the extra money for investments or travel, while others might need more space due to family size. Be sure to factor in your long-term goals so you don’t get stuck with more house (and mortgage) than you need.
As a home buyer, it’s important to have a certain level of comfort in understanding your monthly mortgage payments. While your household income and monthly debts may be relatively stable, your overall savings and how much you wish to allocate toward your home can vary depending on how much you want to set aside for a rainy day or how much you want to set aside for a future expenditure.
A good rule of thumb is to have three months of your housing payments, including your monthly expenses, in reserve. This will give you an additional buffer in case there is some unexpected event.
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