YourToolsBuddy

Mortgage Affordability Calculator

Estimate a mortgage budget using income, existing debts and both housing and total-debt limits.

Enter annual gross income; see assumptions below for the model limits.

Enter down payment; see assumptions below for the model limits.

Enter existing monthly debt payments; see assumptions below for the model limits.

Enter nominal annual interest (%); see assumptions below for the model limits.

Enter loan term (years); see assumptions below for the model limits.

Changes the currency label; amounts are not converted.

Your results

Estimated home budget
$248,958.29
Loan budget
$228,958.29
Principal and interest per month
$1,300.00
Debt-to-income ratio
36%

28% housing / 36% total-debt assumption. Property taxes, insurance, fees and lender criteria are excluded; allow for them before using this budget.

Calculations run in your browser. Results are estimates where described below.

How the calculation works

Payment budget = max(0, min(28% of monthly income, 36% of monthly income − other debts)). Loan = present value of payments.

Worked example

At 60,000 annual income and 1,000 monthly debts, the payment budget is 800, not 1,400.

Assumptions and limits

Uses a simplified 28/36 debt model, not a loan approval. Taxes, insurance, HOA, fees and local lending rules must be budgeted separately.

Related calculators

Loan EMI CalculatorSavings GoalInterest CalculatorRetirement PlanningInvestment ReturnDebt Payoff