How Much Home Calculator

Before you fall in love with the house, be sure to fall in love with the numbers. If you’re considering purchasing a new home, it’s important to connect with an independent mortgage broker to walk through your home financing options.

There’s much more that goes into the cost of home ownership than simply the price of the home. Other factors include property tax, homeowners insurance, and the interest rate on the home loan. Preparing a thorough and comprehensive budget is a good first step to understanding how much house you can afford. Our affordability calculator makes it easy.

You may be able to afford a house up to:
$0
with an estimated monthly payment of $ 0. Based on your income, a house at this price should fit comfortably within your budget.

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How to calculate your monthly budget

Ready to crunch some numbers? Start with listing all your monthly financial obligations such as your car payment, credit card debt, utilities, and more. Be sure to add funds for emergencies, savings and unexpected expenses.

  • Figure out your budget — Determine all your sources of income and calculate what they add up to each month. Remember to include revenue from alimony, investment profits, rental earnings, and if you have a co-buyer, their income and assets as well.
  • Factor in additional home costs — List all other housing-related costs such as property tax, homeowners insurance, estimated mortgage interest rate, and the loan term (the number of months you’ll have to repay the loan).
  • Include additional living expenses — Add up all of your other monthly expenses. Since some of these costs can fluctuate from month to month, it’s a good idea to estimate on the higher side so you won’t be caught short. These include things like car payments, groceries, utilities, etc.

Getting the best possible interest rate can save you thousands of dollars over the life of your home loan. A higher credit score typically means a lower interest rate. Talk to your independent mortgage broker about the steps you can take in advance to make your application more attractive to lenders who are making the decision on your credit worthiness once you’re ready.

  • Increase your credit score — Do you know your current credit score? If not, you can request one free copy per year from each of the three major credit reporting agencies: Equifax, Experian, and TransUnion. A 640 FICO score will typically qualify you for a home loan, but the most competitive rates will go to borrowers with FICO scores in the high 700s and 800s. You can increase your credit score by always making payments on time.
  • Pay off debt — Lenders like to see low levels of debt. It’s unrealistic to think a borrower will have zero debt, but a lower amount shows that you can manage your debt responsibly.
  • Make the largest down payment you can afford — The less money you need to borrow for the purchase of your home, the better. For younger people and first-time home buyers, saving for a big down payment isn’t always easy, but there are programs that make it easier with lower down payment requirements. An independent mortgage broker can discuss government programs and loan options with you.

Looking for home financing? Search for a local mortgage broker near you to get started.


These calculators are provided for illustrative and informational purposes only and the accuracy of the results is not guaranteed. The results displayed are only estimates based on the information you have provided and cannot be used to determine actual loan terms and costs. The results are not a quote, price, guideline or estimate for any particular loan product. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information to make financial decisions. It is encouraged that you seek personalized advice from a qualified mortgage broker.