Mortgage affordability calculator
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How much house can you afford?
This home affordability calculator provides a simple answer to the question, “How much house can I afford?” But like any estimate, it’s based on some rounded numbers and rules of thumb.
For example, it’s generally assumed that your monthly mortgage payment (principal, interest, taxes and insurance) should be no more than 28% of your gross monthly income. This ensures you have enough money for other expenses. Also, your total monthly debt obligations (debt-to-income ratio) should be 43% or lower. Keep in mind that closing costs, including any additional taxes and fees, can add up. Contact a mortgage loan officer to learn more about these important pieces of the home-buying journey.
Get answers to some basic home affordability questions.