Affordability Calculator

Use this calculator to determine how much house you can afford. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget.

You can afford a home up to: $0

Your debt-to-income ratio is 36%
Quite affordable.

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Affordability Help

Annual Income

This is the combined annual income for you and your co-borrower. Include all income before taxes, including base salary, commissions, bonuses, overtime, tips, rental income, investment income, alimony, child support, etc.

Down Payment

The typical rule of thumb is to pay 20 percent of the home's price as your down payment, although some mortgage loans require as little as 3.5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.

Other Monthly Debts

Include all monthly debt payments for of you and your co-borrower, including: minimum monthly required credit card payments, car payments, student loan payments, alimony/child support payments, any house payments (rent or mortgage) other than the new mortgage you are seeking, rental property maintenance, and other personal loans with periodic payments.

Do NOT include: credit card balances you pay off in full each month, existing house payments (rent or mortgage) that will become obsolete as a result of the new mortgage you're seeking, or the new mortgage you're seeking.

Loan Term

Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.

Loan Type

There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.

Interest Rate

This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.

Property Tax

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.

HOA Fees

A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.

Debt-to-Income (DTI)

Your DTI is expressed as a percentage and is your total "minimum" monthly debt divided by your gross monthly income. The conventional limit for DTI is 36% of your monthly income, but this could be as high as 41% for FHA loans. A DTI of 20% or below is considered excellent.

What My Clients Say

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Kara was our real estate agent during a rather rapid search in the fall to find a suitable house to purchase in the McLean area. Over the course of a month plus, she quickly compiled a list of homes to tour, as well as facilitated tours of houses we came across, having lived in the area for several years. She was extremely attentive to what we were looking for, was consistently cheerful, responsive, and upbeat, represented our interests aggressively, and was willing to meet with us (and take house tours!) until we located the property we ultimately ended up buying. During the contract offer process, Kara consistently kept up informed of developments, proactively represented us in negotiations and moved quickly to minimize and overcome a process problem with the title company. All in all, we were very glad to have her on our side, and happy we chose her as our agent. Stephen and Amy C.

kristen sanchez2

Kara made my first home buying experience the best I ever could have hoped for! Not only was it was my first, but I was also buying from across the country, and she made the whole process effortless! I had only four days to view properties, and because of Kara, I found my dream home and closed within 30 days! Kara is a true professional and an absolute delight to work with. She made me feel as if I was her only and most important client. She kept constant communication with me so I never felt alone in the process. Kara was extremely knowledgeable about the loan process, inspections, and negotiating. She was always one step ahead, answering questions I didn’t even know enough to ask. She was so genuine and patient with me and never made me feel rushed or that I was asking too many questions. And I asked a lot! She consistently exceeded my expectations by keeping on top of everything; following up with me and the seller’s agent and the settlement company every step of the way. She kept track of all deadlines, arranged and supervised the home inspection and a contractor to estimate repairs, and performed the final walk through for me. She was always early for every meeting and responded to every phone call, text and email within minutes. Even after closing and before I moved in, she continued to go above and beyond and check in with me daily. What I liked most was her patient, no pressure demeanor. When we walked into a house, she allowed me to “feel” the home for myself. Even when I had decided on a home and expressed that I was worried about the price, she said, “No problem, if you don’t feel comfortable, we can start over.” Wow! Who says that?! Being the biggest purchase of my life, that kind of reassurance meant the world to me. I am so fortunate to have found such a great real estate agent for my first home buying experience. Thank you Kara! -Kristen

nic sofarelli

Kara was such a phenomenal realtor!!! I seriously can’t say enough great things about her. I was so nervous about buying my first home (especially on my own), but her knowledge helped make the process so much easier. She really understands how to respond to the market conditions in order to meet the needs and expectations of her client. Kara was always incredibly responsive and thoughtful. She always validated my questions and concerns and I sincerely appreciate all the time and effort she put into this process. I am so happy in my new home and I couldn’t have made it here without her help! I highly recommend Kara to anyone needing a realtor!