Affordability Calculator

How an Affordability Calculator Can Help You
You're ready to buy a home, and have estimated what mortgage payment you can afford. Keep in mind that the total cost of home ownership includes the mortgage plus property taxes and homeowners insurance and possibly mortgage insurance. Using an affordability loan calculator can give you an idea of how much you can borrow. Just input the payment you want, the loan term and interest rate, and the calculator will tell you a loan amount.

If you're not sure what you can afford for a monthly payment, you can calculate a monthly payment based on standard underwriting guidelines, which allow a maximum of 28% of your gross income for housing expenses. This percentage includes costs for property taxes and insurance. You can enter any mortgage rate into the calculator to see how the mortgage rate affects affordability. Loan and refinance calculator tools are intended to provide estimates as guidelines only. Additional factors can influence the exact amount of your mortgage or refinance loan.

Refinance Calculator Provides More Information
If you want to refinance, using a refinance mortgage calculator can help you compare your existing mortgage to refinance terms.