Home Affordability Calculator

When planning to buy a home, it’s essential to know how much you can afford based on your income, monthly expenses, and down payment. Our Home Affordability Calculator helps you estimate the maximum home price you can comfortably afford, providing a realistic budget that aligns with your financial situation. This tool is perfect for getting a clear picture of your buying power before you start house hunting.

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How to Use the Home Affordability Calculator

To use this calculator, start by entering your annual income, estimated monthly debt payments, and the amount you can afford for a down payment. The calculator will consider these factors, along with common lending standards, to estimate the maximum home price you can afford.

For example, if your annual income is $90,000, your monthly debt payments are $600, and you have a down payment of $30,000, the calculator might estimate a maximum affordable home price of approximately $350,000. This estimate helps you set a realistic budget and ensures you’re shopping within a comfortable price range.

Calculate Your Home Loan Affordability

Welcome to our Home Loan Affordability Calculator! Understanding how much you can afford to borrow is crucial when purchasing a home. Follow these easy steps to determine your home loan affordability.

1. Assess Your Financial Situation

Gross Monthly Income: This includes your salary, bonuses, and any additional income sources.

Example: $5,000

Monthly Expenses: List all monthly expenses like rent, utilities, groceries, transportation, and any other regular payments.

Example: $2,000

2. Determine Your Debt-to-Income (DTI) Ratio

The DTI ratio compares your monthly debt payments to your gross monthly income. Aim for a DTI of 36% or less.

Calculate Monthly Debt Payments: Sum up all monthly debt obligations (e.g., car loans, credit card payments).

Example: $1,000DTI Calculation:

DTI Calculation:

3. Calculate Your Maximum Monthly Mortgage Payment


Use the 28/36 rule for guidance on how much to spend on housing costs:

Housing Costs: Ideally, no more than 28% of your gross monthly income should go towards housing costs (including mortgage, taxes, and insurance).

Total Debt: Total monthly debt payments should not exceed 36% of your gross income.

4. Factor in Other Homeownership Costs


Don’t forget to include:

. Property Taxes

. Homeowners Insurance

. Private Mortgage Insurance (PMI) if applicable

. Maintenance and Repairs

Use Our Mortgage Calculator

Now that you have your maximum affordable monthly mortgage payment, use our mortgage calculator to determine how much you can borrow.

Input your details:


Home Price ($):$999078

Down Payment ($):$1987067

Loan Term (Years):$5,0000

Interest Rate: (e.g., 4%)

What will this process look like for

you over next few days or weeks?

Check out what our clients had to say!

Kirk was knowledgeable, fast to respond, and genuinely cared about the thing he was telling us about. We couldn’t have done this better without him.

JENNIFER N.

Saved veteran over $16k. The national veteran company that advertises a lot was charging him $20k in fees. I was able to do the same loan with a credit score under 580 and our fees were only $3400.

EMILY G.

Kirk was there to help explain every step and answer any questions we had. I could not be any happier with the services he provided.

JOHN C.

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Fee Worksheet from another lender so they can request a comparison quote.

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Kirk Rygol

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NEXA Mortgage LLC

  • 3100 West Ray Rd Ste 201 Office #209Chandler, AZ-85226

  • (843) 396-8638

  • 3100 West Ray Rd Ste 201 Office #209Chandler, AZ-85226

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