Use this calculator to estimate how much home you can afford, aiming for housing costs (mortgage, taxes, HOA) to be around 25% of your income. Fill in the fields below and click "Calculate" to see results, including out-of-pocket costs, monthly outlook, and affordability options.
- Home Cost ($): Enter the estimated price of the home you’re considering.
- Annual Income ($): Input your total yearly gross income (before taxes) from all sources. This helps determine a home cost within 25% of your income for housing expenses.
- Down Payment ($ or %): Specify your down payment as a dollar amount (e.g., 20000) or percentage of the home cost (e.g., 20%). This reduces the loan amount and affects monthly payments.
- Loan Term (Years): Choose the length of your mortgage, typically 15 or 30 years. Shorter terms mean higher monthly payments but less interest over time.
- Fixed Mortgage Rate (%): Displays the current average rate from Freddie Mac PMMS (updated weekly). Override with a custom rate if desired, in percentage (e.g., 5.5 for 5.5%).
- HOA Fee ($): Enter any Homeowners Association fees, if applicable. Select if the amount is monthly or yearly. Leave blank or enter 0 if no HOA applies.
- ZIP Code: Input a 5-digit ZIP code (e.g., 97401) to fetch the local property tax rate via API Ninjas. This impacts your total housing costs.
- Credit Score (Optional): Enter your credit score (300-850) to estimate how it might affect your mortgage rate. Leave blank for a default estimate.
- Other Debts ($) (Optional): Input monthly payments for other debts (e.g., car loans, credit cards). This helps assess your debt-to-income ratio and affordability.