How Much Home Can I Afford?

When you're buying a home, mortgage lenders don't look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use this calculator to determine how much of a mortgage you may be able to obtain.
     
  Income and Debt Obligations

Input
  Current combined annual income
  Monthly child support payments
  Monthly auto payments
  Monthly credit card payments
  Monthly association fees
  Other monthly obligations
  New Loan Assumptions

  Annual interest rate on new mortgage: (%)
Term of new mortgage: (years) 15   30
  Funds available for a down payment
  Estimated annual property taxes
  Estimated annual homeowner's insurance
Front-end ratio: (%) 28   33   36
Back-end ratio: (%) 36   40   45
     
 

Any rate of return entered into the calculator to project future values should be a reasonable average return for the period. Rates of return will vary over time, and generally the higher the rate of return the higher the degree of risk.

The information provided here is to assist you in planning for your future. The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Any analysis is a result of the information you have provided. Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please not that individual situations can vary. Therefore, the information should be relied upon when coordianted with individual advice from qualified professionals.