How much home can I afford?

The home price you can afford depends on monthly income, down payment, loan term, and interest rate. General rule: monthly payment should not exceed 35% of income.

What is the ideal mortgage term?

Shorter term means less interest but higher payments. Longer term means lower payments but much more total interest. Choose the shortest term you can afford.

Home Affordability Calculator

Results

Max Home Price You Can Afford

Monthly Payment

Maximum Loan Amount

Total Interest

Down Payment Ratio

Payment / Income

Down Payment Principal (Loan) Interest Cost

Term Comparison

Term	Home Price	Monthly Payment	Total Interest	Total Cost

Interest Rate Comparison

Interest	Home Price	Monthly Payment	Total Interest

Income Level Comparison

Income	Monthly Payment	Maximum Loan Amount	Home Price

This calculator is for informational purposes only. Results are estimates and may differ from actual values.

Home Buying Guide

Why Is Payment/Income Ratio Important?

Banks generally accept payment that does not exceed 40-50% of monthly income. The ideal ratio is 30-35%. Your existing debt payments are also included in this ratio.

How Much Down Payment Is Needed?

Banks generally require 20-30% of home value as down payment. Higher down payment means lower monthly payment and total interest cost.

Tips

Account for payment + maintenance + insurance total.
Set aside 3-5% of home value for title deed, notary, and bank fees.
Evaluate interest rate increase risk with variable rate loans.
Get quotes from different banks to find the best rate.

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Home Affordability Calculator