Mortgage Affordability Calculator
If you would like to get a rough estimate of how much you can afford to pay for a home, use our Mortgage Affordability Calculator.
- Enter your yearly income (before taxes)
- Add up your monthly expenses, including debts and how much you spend each month on food, gas, clothes, etc.
- Select the down payment you intend to make
- Enter the mortgage rate you hope to receive
The calculator will display the amount you can afford to spend on a home, as well as your estimated monthly mortgage payment.
You can easily see the impact of changes in mortgage rates on how much you can afford by entering different rates and keeping all other variables the same.*
Changing the amount of income and/or expenses will impact your estimated monthly mortgage payment as well as how much you can afford.
Keep in mind that a Mortgage Affordability Calculator merely provides a rough estimate. To get a more precise understanding of how much you can afford to spend on a house, speak with a licensed loan advisor at Freedom Mortgage.
*Consumers should compare the annual percentage rate (APR) of all mortgages they are considering, rather than just looking at the simple interest rate. APR is a more accurate reflection of the cost of a loan because it incorporates the simple interest rate as well as the discount points and other fees and charges of the loan
This tool is for educational purposes only and does not constitute a commitment for a loan. For a more accurate estimate of how much you can afford to pay each month on a mortgage, call Freedom Mortgage.