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How much house can you afford?

A home could be the biggest purchase you ever make, and it’s important that you end up with a monthly mortgage payment that feels comfortable. But how do you know how much house you can afford? It’s a good idea to figure this out before you start shopping, and our Affordability Calculator can help you do just that.

The Affordability Calculator shows different examples of what the monthly payment and loan size will be. Just plug in your annual income, assets, and any monthly payment obligations you have, such as car payments and student loans — and then experiment with different scenarios. Go ahead and try various interest rates, down payment amounts, property taxes, and mortgage terms to see how they impact your monthly payment and loan size.

Remember, when you apply for a mortgage, lenders must assess income, assets, credit history, and more. They also have to consider what kind of monthly debt payments and other expenses you have. You might receive a comfortable amount of take-home pay. However, if you’re also chipping away at credit card debt, student loans, and paying weekly child support, you may not have much left over every month to pay your mortgage, homeowners insurance, taxes, and other home maintenance costs.

Our calculator shows your debt-to-income ratio (DTI), helping you determine what you can afford. Your DTI compares your debt payment to your overall income. It’s calculated by dividing total recurring monthly debt by gross monthly income, and is expressed as a percentage. All loan programs have DTI maximums. Speaking with a loan officer can help you determine yours.

The Affordability Calculator is a great tool to help you evaluate your unique financial situation and determine what size loan and monthly payment will work best for you.

Affordability Calculator

Calculators are provided for illustrative purposes only. Not a commitment to lend. Other fees may apply.
Your Payment
DTI
Real DTI
Leftover for Payments
Monthly payments
Loan size
Home value

30-Year Fixed-Rate Purchase Mortgage Example:
The payment on a $225,000 30-year fixed-rate purchase loan at 3.250% with a 70% loan-to-value (LTV) is $929.22 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.333%. This assumes a FICO score of at least 701. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score, and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.

15-Year Fixed-Rate Conforming Purchase Mortgage Example:
The payment on a $225,000 15-year fixed-rate conforming purchase loan at 2.750% with a 70% loan-to-value (LTV) is $1526.90 with 0 points due at closing. The Annual Percentage Rate (APR) is 2.899%. This assumes a FICO score of at least 701. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score, and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.

30-Year Fixed-Rate Refinance Mortgage Example:
The payment on a $225,000 30-year fixed-rate refinance loan at 2.875% with a 70% loan-to-value (LTV) is $933.51 with 2 points due at closing. The Annual Percentage Rate (APR) is 3.13%. This assumes a FICO score of at least 701. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score, and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.

15-Year Fixed-Rate Refinance Mortgage Example:
The payment on a $225,000 15-year fixed-rate cash-out loan at 2.625% with a 70% loan-to-value (LTV) is $1513.55 with 2 points due at closing. The Annual Percentage Rate (APR) is 3.070%. This assumes a FICO score of at least 701. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score, and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.