Check out how much house you can buy by using our Mortgage Affordability Calculator…
The results provided by this mortgage calculator are for informational and illustrative purposes only. They do not constitute a commitment to lend or an offer of credit. Actual loan terms, interest rates, and monthly payments may vary based on factors such as credit profile, loan product, property location, and other considerations. All estimates are subject to underwriting approval and may not include additional costs. Borrowers should carefully review their financial situation and consult with a licensed mortgage professional before making any loan decisions.
Calculated on March 23, 2026 using the Affordability Mortgage Calculator with PMI Adjustment (https://om-mortgage.com/mortgage-calculator/affordability-mortgage-calculator/).
You can afford a $ home
Monthly Payment$
Loan Balance & Interest$
Property Taxes$
Homeowners Insurance$
Private Mortgage Insurance$
HOA Dues$
Remaining Monthly Budget$
This estimates what you'll have left for living expenses after paying your mortgage and debts. We assume you'll pay 25% of your income in taxes.
Monthly Income (after taxes)$
Monthly Mortgage Payment- $
Monthly Debt & Expenses- $
DTIDebt-To-Income Ratio%
The Debt-To-Income ratio helps you understand if you have enough income to live comfortably for the selected home price. A general guide is to budget around 28% of your pre-tax income for your mortgage payment, and another 8% for other debts.
This is the recommended amount to save for your down payment, closing costs, and cash reserves. Cash reserves are equal to 3 months of your mortgage payment. We asume you'll pay 2.9% of the home price in closing costs.
Down Payment$
Closing Costs$
Cash Reserve$
Affordability Calculation
This breakdown shows the key factors affecting your home affordability calculation.
Annual income$
Down payment$
Monthly debts$
Debt-to-income%
Interest rate%
Loan term
Taxes & insurance included?
Property tax%
Homeowner's insurance% /yr
Mortgage insurance$/mo
HOA dues$/mo
Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
Principal payments: $ (the amount borrowed)
Interest payments: $ (the cost of borrowing)
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The Mortgage Affordability Calculator is an essential tool for prospective homebuyers, allowing them to determine how much they can afford to spend on a new home. By entering key financial details such as income, debts, and down payment, users can gain insights into their purchasing power and make informed decisions.
This calculator not only provides an estimated home price but also breaks down monthly payments, including principal, interest, property taxes, and insurance. Understanding these factors helps buyers set realistic budgets and prepares them for the mortgage process ahead.
Understanding Your Debt-to-Income Ratio
The Debt-to-Income (DTI) ratio is a critical metric used by lenders to assess a borrower's ability to manage monthly payments and repay debts. A DTI ratio of 36% or lower is generally viewed as favorable, indicating that a borrower has a good balance between income and debt obligations.
Factors Influencing Mortgage Affordability
Benefits of Consulting a Mortgage Professional
home affordability calculator audubon park
Mortgage Affordability Calculator
The Mortgage Affordability Calculator is an essential tool for prospective homebuyers, allowing them to determine how much they can afford to spend on a new home. By entering key financial details such as income, debts, and down payment, users can gain insights into their purchasing power and make informed decisions.
This calculator not only provides an estimated home price but also breaks down monthly payments, including principal, interest, property taxes, and insurance. Understanding these factors helps buyers set realistic budgets and prepares them for the mortgage process ahead.
Understanding Your Debt-to-Income Ratio
The Debt-to-Income (DTI) ratio is a critical metric used by lenders to assess a borrower's ability to manage monthly payments and repay debts. A DTI ratio of 36% or lower is generally viewed as favorable, indicating that a borrower has a good balance between income and debt obligations.
