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How Much Home Can I Afford?

If you’re ready to buy a home, you need to know what your price range is. Our Home Affordability Calculator helps you determine the price of a home that fits perfectly in your budget.

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Enter any number here. Some programs allow down payments as low as 3%. Just remember, the more you put down, the less your monthly payment will be.

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Your gross income amount is how much money you earn annually before taxes are deducted.

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This includes monthly minimum credit card payments, car and student loan payments, child support, etc. Do not include cost of living expenses.

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We’re using the current average mortgage rate to calculate payments. Your actual rate may vary depending on credit score, loan type and other factors.

Choose the length of the loan term you plan to use. Standard loan terms are 15 or 30 years.

Debt-to-income ratio is calculated by taking all of your monthly costs and dividing it by your monthly gross income.

CALCULATE
You should be able to afford a home valued at

$352,300

30 year fixed loan

Monthly Payment:   $1,819
Debt-to-income Ratio:   40%

These calculations are tools for learning more about the mortgage process and are for educational/estimation purposes only. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.

For example, a Conventional fixed rate loan with the terms purchase price of $312,500, on a loan term of 360 months, down payment of 20%, and an interest rate of 6.5%, will result in an annual percentage rate of 6.598% with $3,613 in APR fees. Rate pulled 09/02/22, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.

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