"How Much Home Can You Afford" Mortgage Calculator

If you're just getting into the home buying game, it's good to get some ballpark ideas (or maybe even infield estimates) about what you can afford. A "how much home can you afford" mortgage calculator can help.

Looking for something different? We've probably got you covered. Use our quick mortgage calculator guide to find the right tool for you.

We've got two different versions of this home mortgage calculator. One designed to give you the upper limit on how much mortgage you can afford and the other intended to put a figure on the amount for which you most likely qualify.

It wouldn't hurt to use both. However, the home mortgage calculator for qualification is probably the more useful of the two, so we'll start with that

Home mortgage qualification calculator

This calculator estimates the highest mortgage principal and monthly payment size a lender is likely to offer you. (It's an especially useful home mortgage calculator because the monthly payment estimate includes associated costs like property taxes and insurance.)

It bases this estimate on the very widely-used "front-end" and "back-end" debt ratios. These ratios describe what percentage of your income go toward housing debt and toward total debt. Every mortgage lender bases their approval decisions in part on these figures.

Try the home mortgage qualification calculator now.

Of course, in some cases, these ratios are not as important as they usually are. If you have a lot of savings or undocumented income, for example, you may be able to afford much more than these ratios suggest. That's when the other "how much home can you afford mortgage calculator" comes in handy.

The affordability home mortgage calculator

This calculator is designed to estimate how much house you can afford by looking at your monthly payment capabilities and loan information.

You need to have a figure for your housing budget, as well as a pretty good idea of your interest rate.

And keep in mind that whether you are able to qualify for the loan you believe you can afford is a different question altogether. Try the affordability home mortgage calculator now.

More mortgage payment calculator tips

This mortgage payment calculator is intended for estimation purposes. Don't budget too tightly, and be sure and leave some wiggle room on loan amount and interest rate, especially if you haven't already been approved.

Consider applying for preapproval before you plan to closely. That way you can nail down an interest rate and use the mortgage payment calculator to design your loan around it.

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