Mortgage Affordability Calculator
Estimate how much home you may be able to afford based on your income, debts, down payment, interest rate, and amortization period.
How mortgage affordability works
Mortgage affordability depends on income, debt obligations, down payment size, and the interest rate available to you. Lenders often use debt-service ratios to estimate whether a borrower can manage monthly housing costs comfortably.
A higher income or lower monthly debt burden usually improves affordability. A larger down payment can also increase the price range you can target because it reduces the amount that must be financed.
This calculator gives a simple estimate to help users understand a realistic budget range before speaking with a lender, mortgage broker, or financial advisor.
Mortgage Affordability FAQ
How much mortgage can I afford?
How much mortgage you can afford depends on your income, debt payments, down payment, mortgage rate, amortization period, and lender qualification rules.
What affects mortgage affordability the most?
The biggest factors are household income, existing debt payments, down payment size, interest rate, property taxes, insurance, and amortization length.
Does a larger down payment increase affordability?
Yes. A larger down payment reduces the amount you need to borrow, which can lower monthly payments and increase the estimated home price you may be able to afford.
Is this mortgage affordability calculator lender-approved?
No. This calculator provides a simplified estimate for educational purposes only. Actual lender approval depends on underwriting rules, credit profile, income verification, debts, and property costs.
Disclaimer
This calculator provides a simplified estimate for educational purposes only. It does not reflect lender-specific underwriting, taxes, insurance, condo fees, or all borrowing rules.