Affordability Calculator

Use this calculator to determine how much house you can afford. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget.
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You can afford a home up to: $0
Your debt-to-income ratio is 36%
Quite affordable.
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Affordability Help

Annual Income

This is the combined annual income for you and your co-borrower. Include all income before taxes, including base salary, commissions, bonuses, overtime, tips, rental income, investment income, alimony, child support, etc.

Down Payment

The typical rule of thumb is to pay 20 percent of the home's price as your down payment, although some mortgage loans require as little as 3.5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.

Other Monthly Debts

Include all monthly debt payments for of you and your co-borrower, including: minimum monthly required credit card payments, car payments, student loan payments, alimony/child support payments, any house payments (rent or mortgage) other than the new mortgage you are seeking, rental property maintenance, and other personal loans with periodic payments.

Do NOT include: credit card balances you pay off in full each month, existing house payments (rent or mortgage) that will become obsolete as a result of the new mortgage you're seeking, or the new mortgage you're seeking.

Loan Term

Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.

Loan Type

There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.

Interest Rate

This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.

Property Tax

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.

HOA Fees

A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.

Debt-to-Income (DTI)

Your DTI is expressed as a percentage and is your total "minimum" monthly debt divided by your gross monthly income. The conventional limit for DTI is 36% of your monthly income, but this could be as high as 41% for FHA loans. A DTI of 20% or below is considered excellent.

What My Clients Say

hannahherrig7

Danielle was absolutely wonderful to work with! She helped my husband and me sell our townhome and purchase our new home, and she made the entire process so much easier. She was always easy to reach and was in constant communication with us. She was willing to work around our work schedules for showings. Our new home needed extensive work, and Danielle went above and beyond by reaching out to different people and resources to help us make it happen. We truly appreciate all of her hard work, dedication, and support throughout the process. We would definitely recommend Danielle to our friends and family!

annakasos21

My sister and I worked with Danielle to sell our mom’s house. The house was loaded with about thirty years of clutter that in all honesty we did not have the energy to clean out. What we thought was going to be a complete nightmare process became a simple task thanks to Danielle! She found investors that were willing to buy the house with all the clutter left behind. Danielle was so attentive to our situation and truly made us feel at ease throughout the entire process. She answered emails and texts immediately and never left us with unanswered questions. We are truly grateful to have had Danielle guide us through this tricky process and don’t know where we would be without her. We highly recommend Danielle to anyone and everyone! No matter what situation you find yourself in, she has the knowledge and expertise to make your journey a success!

penelopebernstein

Danielle helped us every step of the way in finding and purchasing our 2-flat. She understood our preferences better than we did ourselves, and steered us to the best buildings for us. She is a pleasure to work with, very patient, very responsive and professional. She communicated well with us and with other agents. In addition she is very knowledgeable about the market and about renovation options. She also is familiar with all the details and steps one must go through to close a deal and she helped us through every one. This was the second building she helped us purchase. We went back to her because our first experience was also outstanding.
Danielle Klausing
Danielle Klausing

Agent License ID: 475.169983

+1(847) 812-7888 | danielle@dmksells.com

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