Last updated: March 28, 2023
This tool evaluates your ability to afford your target property and then gives you some insight into your purchasing power. Be sure to include monthly debt payments and gross annual income for both you AND your co-applicant (if you have one).
We built the mortgage affordability calculator so you can gain insight into your mortgage affordability. You will know how much home you can afford and reduce the risk of making an offer on a home you cannot afford. This will make things easier when it’s time to shop for a property.
The calculator will take into account your target property value, down payment, debt, income and your credit score to give you an estimate of how much you can afford to buy. If you have a co-applicant, be sure to include monthly debt payments and gross annual income for the both of you.
To make this calculator simple to use, we’ve filled in some of the fields already. You can modify each field with your own information to calculate your maximum purchasing power. Try changing different fields to see how it increases or decreases your payment amount.
Target property value: Add your current property value, your purchase price, or the estimated purchase price of a listing you’re considering making an offer on.
Down payment: This is the amount of savings you currently have that can go towards your purchase. If you are using this calculator on a property you already own, you can put the amount of money you have already paid down in this field.
Monthly debt payments: This is monthly recurring debt payments that you make such as car payments, student loans, child support, alimony and more.
Household Gross Annual Income: This is the combined income of all members of your household.
Credit score guess: Your credit score impacts your mortgage qualifying amount. If your property is insurable and your credit score is above 620, you can buy a property with less than 20%.
Yes. Our mortgage affordability calculator is completely free to use, along with all of our other calculators, rate comparison charts and articles.