How Much Mortgage Can I Afford
Use the calculator below to find out how much you can afford based on your income.
How Much Mortgage Does Your Income Qualify You For?
The first step in buying a house is determining your budget. The mortgage qualifier calculator steps you through the process of finding out how much you can borrow. You can calculate your mortgage qualification based on income, purchase price or total monthly payment.
To estimate how much mortgage you can afford, consider the following factors:
- Income: Calculate your gross monthly income. Your mortgage payment should not exceed 28-31% of your gross monthly income.
- Debt-to-Income Ratio (DTI): Include all your monthly debt obligations (car loans, student loans, credit card payments) in addition to your mortgage. Your total DTI, including the mortgage, should typically be below 43%, but this can vary.
- Down Payment: The more substantial your down payment, the lower your monthly mortgage payments. A down payment of 20% is often recommended to avoid private mortgage insurance (PMI).
- Interest Rates: The current interest rates will impact your monthly payments. Lower interest rates generally result in lower mortgage payments.
- Property Taxes and Homeowners Insurance: These costs are often included in your monthly mortgage payment. Consider these expenses when determining your affordability.
- Loan Term: The length of your mortgage term (e.g., 15, 20, or 30 years) will affect your monthly payments. Shorter terms typically have higher monthly payments but lower overall interest costs.
- Emergency Fund: Ensure you have an emergency fund to cover unexpected expenses, such as home repairs or job loss.
It’s crucial to consult with a mortgage professional or financial advisor to get personalized advice based on your specific financial situation and local real estate market conditions. We can help you understand the intricacies of mortgage financing and provide guidance on what you can comfortably afford.
Find Out How Much Mortgage You Can Afford
Upper St Clair | Bethel Park | Pleasant Hills
North Hills | Wexford | Cranberry
Less Than Perfect Credit…OK
Whether You Make:
$100,000 per year
$200,000 per year
$300,000 per year
Or more, our Calculator will show you how much you can afford.
Terms from 5 to 30 Years
Mortgages Secured By Real Property.
Some of the things you need to consider when looking at a new mortgage are:
- If you are buying a new home check out our MORTGAGE PURCHASE QUALIFIER
- How long will your be in the home? If less that 7 years, an ARM may be right for you
- If you plan on staying in your home long term, a fixed mortgage is probably a better option
- Want to check out the schools?
We’re here to help make your home loan process a whole lot easier, with tools and expertise that will help guide you along the way. The mortgage qualifier calculator will show you how much mortgage you may be able to afford based on your salary/income.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you – whether you’re a first-time home buyer or this is your 5th home purchase.
The Loan Process and Affordability Calculator.
Here’s how our home loan process works:
- Complete our simple How Much Mortgage Loan Can You Afford Qualifier
- Receive options based on your income and criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs