Monthly Housing Payment Affordability Calculator


This calculator helps home buyers estimate how much home they may be able to afford using standard qualification criteria including down payment percent, front end debt-to-income ratio and back end debt-to-income ratio. If the loan you are applying for does not have a down payment requirement enter zero in that field. If the loan you are applying for only looks at the loan's back end ratio then set the fornt end ratio limit to the same number as the back end limit.

Most mortgages where the buyer puts less than 20% down require property mortgage insurance until the home's loan-to-value (LTV) falls below 78%. If you put 20% down PMI should be set to zero. If you are using a VA loan (for veterans and active duty military) set the PMI rate to zero. The initial down payment you enter has closing costs subtracted from it. If you already have your closing costs set aside you can set the discount points, loan origination points and other closing costs to zero.

If you want to calculate affordability based on your current rental payments we also offer a rental equivalent mortgage calculator.

Your Income, Debt & Savings

Your gross income:
Spouse gross income:
Monthly debt payments:
Downpayment savings before closing costs:

Your Home Loan Info

Loan term in years:
Annual interest rate (APR %):
Property mortgage insurance (PMI %):

Loan Closing Costs

Discount points:
Loan origination points:
Other closing costs:

Homeownership Expenses

Annual property taxes:
Annual homeowners insurance:
Monthly HOA fees:

Downpayment & DTI Qualification Limits

Minimum downpayment %:
Frontend DTI limit:
Backend DTI limit:

Loan Overview

Downpayment after closing costs:
Estimated qualifying mortgage amount:
Limiting factor:

Loan Limits Based on Down Payment

Monthly P&I payment:
Monthly housing expense based on down payment limit:
Downpayment-based loan limit:
Downpayment-based home price limit:

Loan Limits Based on Front End DTI

Equivelent front end P&I payment:
Max monthly cost of homeownership:
Home loan associated with front end limit:
Home price associated with front end limit:

Loan Limits Based on Back End DTI

Monthly P&I payment:
Max monthly cost of homeownership:
Monthly debt & housing expense limit:
Home loan associated with back end limit:
Home price associated with back end limit:

Create a Printable Amortization Table

Loan Origination Date:

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