Mortgage
Mortgage Calculator
Estimate your monthly mortgage payment, including principal and interest.
Use CalculatorMortgage Affordability
Estimate the home price that fits your income and existing debts, using housing and debt-to-income ratios you control.
How it works
Your gross monthly income is multiplied by each ratio. The housing ratio caps the housing payment; the debt-to-income ratio caps housing plus your other monthly debts.
The lower of the two limits becomes your maximum monthly housing payment.
The calculator then solves for the home price whose principal and interest, property tax, insurance and HOA add up to that payment.
Formula & methodology
Max housing = min(Income ÷ 12 × housing %, Income ÷ 12 × DTI % − debts)
- Price
- (Max housing − insurance − HOA + down × k) ÷ (k + tax rate ÷ 12)
- k
- Monthly payment per $1 borrowed at your rate and term
PMI, closing costs and lender-specific rules are not included.
Illustrative example
$100,000 income, $500 of debts
With 28% / 36% ratios, the housing limit is $2,333.33 and the DTI limit is $3,000.00 − $500.00 = $2,500.00, so the housing limit applies.
With $60,000 down at 6.5% for 30 years, 1.1% property tax and $1,500 insurance, the estimated price is about $357,500.
Hypothetical figures for illustration only.
Frequently asked questions
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