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The Mortgage Affordability Calculator estimates a range of home prices you may be able to afford based on the accuracy and completeness of the data and information you enter. The results are intended for illustrative and general purposes only, and do not constitute, nor should they be relied upon as financial or other advice.
Methodology. It’s been shown to be a level of debt that most borrowers can comfortably repay. That home payment assumes a 30-year mortgage at current rates, and includes 1% property tax and 0.4% for homeowners insurance. It does not factor in private mortgage insurance, which you’ll owe if your down payment is less than 20% of the purchase price.
Use our free mortgage calculator to quickly estimate what your new home will cost. Includes taxes, insurance, PMI and the latest mortgage rates.
Calculate how much house you can afford with our home affordability calculator. See how much of a down payment you really need.
How Much Home can I Afford? How We Calculate it.. The average American household income is $73,298, assuming you have no monthly debt payments you can afford a home priced at $285,000 with a 3.5% ($10,000) down payment for $1,800 per month. Our home affordability calculator takes several factors to determine what you qualify for.
How much mortgage can I afford? Use our simple mortgage affordability calculator to find out. Get closer to your new home.
For example, let’s say your maximum monthly payment is $1,250, you have $25,000 for a down payment, and taxes and insurance will cost about $200 a month. That means you could afford a $172,000 house on a 15-year fixed-rate mortgage at 3.5% interest.
Find out how much you can afford to borrow with NerdWallet’s mortgage calculator. Just enter your income, debts and some other information to get NerdWallet’s recommendation for how big a mortgage.
So, how do you calculate an affordable monthly. Now you can decide how much you can afford to spend on a monthly home payment. remember, your total monthly home payment includes mortgage principal,
Once you know the home price you can afford, use our Mortgage Calculator to get an estimate of how much you could expect to pay monthly based on today’s rates. You can also use Rocket Mortgage to see what rate and monthly payment you’re approved for.