Home Affordability

How much house can you afford?
Tell us how much you make, how much you've have for a down payment, and your total debt, and find out how far to stretch when home hunting.


Affordability Input Form

Gross annual income:

 $ 

Down payment amount:

 $ 

All monthly debts (payments):

 $ 

Mortgage rate:  %

Annual property taxes:

 $ 

Annual homeowner insurance:

 $ 
CALCULATE
 
Affordability Results
 

Conservative

Aggressive

Maximum house
price:

 $ 

Loan amount:

 $ 

Monthly mortgage payment:

 $ 

Taxes and insurance:

 $ 

Total monthly payment:

 $ 

RESET

Mortgage Calculator

Change any of the numbers below to calculate your mortgage or loan payment. Your monthly payment will be automatically calculated while you are typing.

Home price ($)       

Interest rate (%)    

Years                    

Down payment ($) 

      Your Monthly Payment ($)

$
 

 Colorado
Mortgage Rates

Mortgage Rates on Zillow

Home Affordability Assumptions

About this calculator:

To arrive at an "affordable" home price, we followed the guidelines of most lenders. We've allowed a total debt-to-income ratio of no more than 36 percent. And we have assumed a housing payment-to-income ratio of 28% for our conservative estimate, and 33 percent for the aggressive one. Before buying, however, you should also factor in other savings needs, including retirement and college.

Assumptions:

We've assumed a 30-year mortgage term, and we do not factor in private mortgage insurance, which you'll owe if your down payment is less than 20 percent of the purchase price. It averages from $50 to $80 per month. Plug in your own numbers for more tailor-made results.

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