Home Affordability Calculator

BETA!

Ready for a new home? Use our Homebuying Calculator to learn what you can afford.


How much home you can afford
$224,718
How much home you can afford Click for help

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Based on the amount you want to pay per month on housing, we estimate you can afford a house at this purchase price.
$224,718
Monthly payment breakdown
  • Principal & Interest - $1,025 Click for help

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    The portion of your payment applied to principal reduces the balance of your mortgage loan. Payments of interest are based on your mortgage interest rate and compensate the lender for providing the loan.
  • HOA/Condo Fees - $0 Click for help

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    The amount you pay to your condo or homeowner’s association for maintenance and upkeep.
  • Insurance Payments - $67 Click for help

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    The monthly premium on your homeowner’s insurance policy.
  • Property Taxes - $225 Click for help

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    The amount you will pay the city or town in property taxes.
  • PMI Payments - $175 Click for help

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    Private Mortgage Insurance (PMI) is typically required if your down payment is less than 20% and will vary by lender depending on credit score, down payment, and loan amount. Generally, you will no longer have to pay PMI once the remaining loan balance is less than 80% of the original purchase price.

Total Payment

$1,491

Debt-to-Income ratio

30%
Click for help

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How much of your income (before any taxes are paid) is needed to cover the minimum payments on all of your debt, including new housing payment. Lenders typically prefer 36% or less, but acceptable levels may vary.
Remaining Loan Balance Click for help

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Projected balance and Loan-to-Value ratio (LTV), which compares the remaining balance of the loan and the original purchase price.

Years

Principal vs. Interest Click for help

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Principal payments reduce the balance of the original loan. Interest payments cover the rate charged by your loan provider for lending you the funds.

Years

  • Payment Toward Interest
  • Payment Toward Principal