Real Estate

How Much Home Can I Afford?

Good (1077 Ratings)

2.065918/5

When you're buying a home, mortgage lenders don't look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use this calculator to determine how much of a mortgage you may be able to obtain.

Income and Debt Obligations	Input
Current combined annual income	$
Monthly child support payments	$
Monthly auto payments	$
Monthly credit card payments	$
Monthly association fees	$
Other monthly obligations	$

New Loan Assumptions	Input
Annual interest rate on new mortgage: (%)	(0-30)%
Term of new mortgage: (years)	1530
Funds available for a down payment	$
Estimated annual property taxes	$
Estimated annual homeowner's insurance	$
Front-end ratio: (%)	28%33%36%
Back-end ratio: (%)	36%40%45%

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Front-End Ratio
Monthly gross income
Front-end ratio
Calculated payment for front-end ratio

Back-End Ratio
Debts and obligations
Percent of gross income
Maximum percentage available for mortgage payment
Calculated payment for back-end ratio

Payment Calculation
Minimum of the two ratio options
Less: taxes and insurance
Equals: maximum allowable payment
Calculated mortgage amount
Down payment
Home value you can afford

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This calculator is provided by Financial Calculators, Inc., and is intended solely for general information and educational purposes. You should not take any action on the basis of the information provided through this calculator. Please see the disclaimer for further information and limitations.

Rate This calculator

Good (1077 Ratings)

2/5

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Rates

See today's average rates across the country.

• Mortgage

  Loan Type	Today	Last Week
  30 Year Fixed	6.26%	6.23%
  15 Year Fixed	5.78%	5.79%
  1 Year ARM	6.14%	6.08%
  30 Year Fixed Jumbo	7.32%	7.35%
  5/1 ARM	5.58%	5.63%
  3/1 ARM	5.44%	5.49%

  Source: Bankrate
• Home Equity

  Loan Type	Today	Last Week
  $30K Home Equity Loan	7.64%	7.63%
  $50K Home Equity Loan	7.42%	7.42%
  $75K Home Equity Loan	7.69%	7.69%
  $30K HELOC	4.67%	4.66%
  $50K HELOC	4.38%	4.38%
  $75K HELOC	4.37%	4.37%

  Source: Bankrate
• Savings

  Savings Type	Today	Last Week
  6 month CD	2.99%	2.93%
  1 year CD	3.37%	3.29%
  3 year CD	3.67%	3.59%
  MMA	2.39%	2.38%
  $10K MMA	2.56%	2.54%
  $25K MMA	2.90%	2.89%

  Source: Bankrate
• Auto

  Loan Type	Today	Last Week
  36 Month New Car Loan	6.80%	6.80%
  48 Month New Car Loan	6.84%	6.83%
  60 Month New Car Loan	6.49%	6.48%
  72 Month New Car Loan	6.32%	6.32%
  36 Month Used Car Loan	7.14%	7.14%
  48 Month Used Car Loan	6.84%	6.83%

  Source: Bankrate
• Credit Cards

  Card Type	Today	Last Week
  Balance Transfer	10.31%	10.03%
  Low Interest	11.01%	10.97%
  For Bad Credit	13.02%	13.12%
  Cash Back	11.47%	11.46%
  Business	11.10%	10.91%
  Airline	12.75%	12.69%

  Source: CreditCards.com

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