Home Affordability Calculator
How Much House Can I Afford?
Homeownership is a big financial responsibility, and your current financial situation will influence the size of your mortgage. If you’re wondering, “How much house can I afford?” you’re really wondering, “How much mortgage can I afford?” Many factors, such as your credit score, interest rates, closing costs, income and debts, influence the size of your loan.
We’re here to make it simple for you. Use our home affordability calculator to determine how much home you can afford based on your current financial situation.
How much home can I afford?
Buying a house requires a budget. You can only afford to spend so much on your monthly mortgage payments. Your loan amount and down payment will determine how much of a home you can afford, but a lender must first determine how much risk they’re willing to take on. Your home affordability depends on many factors, such as your income, debt-to-income (DTI) ratio, credit score and interest rates at the time.
Knowing your mortgage loan amount can help you determine how much you can afford to pay for a house. You can use our mortgage payment calculator to help you determine how much your mortgage will cost you based on the purchase price, loan terms, interest rate and down payment, but before you determine your monthly payments, you must figure out how much home you can afford in the first place.
Home Affordability Calculator
A home affordability calculator can help you build a better budget when shopping for a home. While the calculator can’t tell you how much you’ll be approved for when taking out a loan, it can give you an estimate that determines whether you’ll qualify for a loan and how much you’ll be able to pay for a house.
How We Can Help You Afford a Home
Finding the right home loan for you can help reduce your mortgage costs over the life of the loan. Unfortunately, many first-time home buyers don’t realize how many options they have. We can help you purchase your new home by ensuring you find the right loan for your needs.
Wondering if you’re ready to purchase a home? Take advantage of our financial counseling services to help you determine a home-buying budget and find the right mortgage for you and your family.
