How much can I afford?
See how a mortgage will impact your budget. Input your income, expenses, and down payment into the affordability calculator and adjust the slider to see house sales prices you can comfortably afford.
Affordability Calculator Definitions
Gross Annual Income: Your income is how much you make before taxes. Include total income for you and any co-borrowers.
Monthly Debt: How much money do you spend each month? This should include things like car payments or student loans. Do not include your current rent or mortgage payment here, unless you will keep those costs in addition to a new home mortgage (i.e. purchasing a second home, vacation home, or income property).
Credit Score: Select how you would rate your credit score. Excellent credit typically reflects a FICO score of 750 or higher, while poor scores are 650 or lower. Learn more about credit scores.
Down Payment: This is the amount of money you will pay up front for the home. A higher down payment will lower the monthly payment. Make sure your down payment meets any minimum required by the lender.
Loan Term: This is how long it will take you to pay off the home loan.
Property Tax: Property tax is estimated based on the home’s value. You can edit this number.
Mortgage Insurance: Insurance is often required by lenders. You can remove this from the calculation by clicking the box labeled “Remove Mortgage Insurance.”