Mortgage Affordability Calculator
Calculate how much home you can afford based on your income and expenses
Your Financial Information
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%
years
Affordability Results
Monthly Gross Income
$0
Debt-to-Income Ratio
0%
Recommended Housing Payment Range
$0 – $0
Estimated Mortgage Amount
$0 – $0
Note: This is an estimate. Actual approval depends on credit score, property taxes, insurance, and lender requirements.
Calculation Breakdown
Step-by-Step Formula
1. Monthly Income: Annual Income ÷ 12
2. Debt-to-Income Ratio: Monthly Debt ÷ Monthly Income × 100
3. Housing Payment Range: 28% to 31% of Monthly Income
4. Mortgage Amount: Using the formula P = M × [(1-(1+r)^(-n))/r]
Where P = Principal, M = Monthly Payment, r = Monthly Rate, n = Total Months
Where P = Principal, M = Monthly Payment, r = Monthly Rate, n = Total Months
