Mortgage Calculator: How Much Mortgage Can I Afford?
Understanding how much mortgage you can afford is crucial in your home buying journey. Our mortgage calculator helps you make informed decisions…
- Enter your monthly income.
- Enter your monthly debt.
- Enter your down payment percentage.
- Select your loan term.
- Click ‘Calculate’.
We use the 28/36 rule and consider your debt-to-income ratio to calculate your affordable mortgage range…
| Income | Debt | Down | Term | Affordable Mortgage |
|---|---|---|---|---|
| $5000 | $1500 | 20% | 30 | $1850 |
| Interest Rate | Monthly Payment (30yr, 20% down) |
|---|---|
| 3% | $874 |
- Consider additional costs like property taxes and insurance.
- Factor in future lifestyle changes and income growth.
- Shop around for the best mortgage rates.
What is the 28/36 rule?
The 28/36 rule suggests you should spend no more than 28% of your gross monthly income on housing and no more than 36% on total debt.