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Housing Affordability Calculator (5a)

Who This Calculator is For: Borrowers who want to know whether they can afford a
given-priced house AND borrowers who want to know how much house they can afford.

What This Calculator Does:This calculator displays the cash and income required
to qualify, and the maximum debt service allowed, to purchase a house at a specified
price. It also shows how much house you can afford, and how it is calculated.

I have a specific house price in mind - can I afford it?

I do not have a specific house price in mind. What price can I afford?


Enter the Following Information
  Purchase Price of Desired House  (e.g. 235000)
  Down Payment as a Percent of Price (can be either minimum required or percent intended)
  Loan Term
  Interest Rate  
  Mortgage Insurance - Input Annual Rate as Percent of Loan Amount (e.g. .54)
  Points as a Percent of the Loan Amount 
  Closing Costs (Other than Points) as a Percent of Sale Price  
  Annual Property Taxes & Insurance as a Percentage of Home Value  
   Maximum Ratio of Monthly Housing Expense to Income
   Maximum Ratio of Total Housing Expense to Income

DO NOT USE DOLLAR SIGNS ($), COMMAS (,) PLUS SIGNS ( + )
OR PERCENTAGE SIGNS (%) IN ANY INPUT BOXES

Monthly housing expense includes principal and interest, taxes, and hazard insurance. Total housing expense includes monthly housing expense plus debt service. A down payment of 3% is about the smallest you can expect to find without paying a premium interest rate. However, you will have to pay for mortgage insurance if the down payment is less than 20%. Enter the monthly mortgage insurance premium in dollars and cents (e.g. 53.45).