Affordability Calculator

Input Information
Loan Information
Down Payment :
Interest Rate : (%)
Length : (Yrs)
Estimated Front Ratio : (%)
Estimated Back Ratio : (%)
Income Information Debt Payment Information
Income 1 : ($) Auto Loans : ($)
Income 2 : ($) Student Loans : ($)
Income 3 : ($) Installment : ($)
Income 4 : ($) Revolving accts : ($)
Income 5 : ($) Other Debt : ($)
Taxes And Insurance Information
Annual Taxes :
Annual Insurance :
Annual PMI :
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Name :
Phone # :

Thanks for using our calculation tools. Your results appear below. Click the heading in the next section to switch between plain English and financial views. Do you have questions or feedback? Contact us.

Financial Analysis (Switch to Plain English)
Monthly Principal & Interests : $1,540.80
Monthly Real Estate Taxes : $250.00
Monthly Insurance : $125.00
Monthly PMI : $118.24
Total Monthly Payments : $2,034.04
Monthly Income : $8,000.00
Monthly Debt Payments : $910.00
Actual Front Ratio : 25 %
Actual Back Ratio : 37 %
Amount : $283,700.00
Down Payment : $31,500.00
Home Value : $315,200.00
Plain English Help (Switch to Financial Analysis)

Before you start looking for a new home, you need to have an idea of how much you can afford to pay for a home. To find this out, you will need to take a closer look at your total monthly household income as well as the debts and regular monthly payments you are already making. In addition, you will need to consider how much money you can put in down payment, the loan interest rate, and the length of the loan. You will also need to have an idea of how much the taxes will be, as well as the insurance and PMI costs.

Estimated front and back ratios helps you to limit your housing and necessary living spending. Front ratio is a percentage of your gross income that you can spend on all housing related expenses, including property taxes and insurance. Back ratio is a percentage of your gross income that you can spend on your housing expenses plus cost of shelter: food, clothes, gas, etc.

Front / back ratios with values of 28-33 / 36-42 considered conservative these days, values bigger than 35 / 45 called aggressive and not recommended for use.

Using all of this information, you can determine how much you might afford to pay for your mortgage. If you are interested in making a $31,500.00 down payment and hope to get a 30 year loan with a 5.100% interest rate, you can afford to purchase a home that costs $315,200.00 if your gross household monthly income is $8,000.00 and your total monthly payments on your other bills is no more than $910.00.

If you purchase a home under these conditions, you can expect to pay $2,034.04 per month toward your mortgage. $1,540.80 of this will be toward the actual loan, while $250.00 will be toward taxes and $125.00 will be toward insurance.
Payment Schedule
No Interests Principal PMI Balance
1 1,205.73 335.07 118.24 283,364.93
2 1,204.30 336.50 118.24 283,028.43
3 1,202.87 337.93 118.24 282,690.50
4 1,201.43 339.37 118.24 282,351.13
5 1,199.99 340.81 118.24 282,010.32
6 1,198.54 342.26 118.24 281,668.07
7 1,197.09 343.71 118.24 281,324.36
8 1,195.63 345.17 118.24 280,979.19
9 1,194.16 346.64 118.24 280,632.55
10 1,192.69 348.11 118.24 280,284.44
11 1,191.21 349.59 118.24 279,934.84
12 1,189.72 351.08 118.24 279,583.77
1 Yr

 ---
14,373.37

 ---
4,116.23

 ---
1,418.92

  
13 1,188.23 352.57 118.24 279,231.20
14 1,186.73 354.07 118.24 278,877.13
15 1,185.23 355.57 118.24 278,521.56
16 1,183.72 357.08 118.24 278,164.48
17 1,182.20 358.60 118.24 277,805.87
18 1,180.67 360.13 118.24 277,445.75
19 1,179.14 361.66 118.24 277,084.09
20 1,177.61 363.19 118.24 276,720.90
21 1,176.06 364.74 118.24 276,356.16
22 1,174.51 366.29 118.24 275,989.88
23 1,172.96 367.84 118.24 275,622.04
24 1,171.39 369.41 118.24 275,252.63
2 Yr

 ---
14,158.46

 ---
4,331.14

 ---
1,418.92

  
25 1,169.82 370.98 118.24 274,881.65
26 1,168.25 372.55 118.24 274,509.10
27 1,166.66 374.14 118.24 274,134.96
28 1,165.07 375.73 118.24 273,759.24
29 1,163.48 377.32 118.24 273,381.91
30 1,161.87 378.93 118.24 273,002.99
31 1,160.26 380.54 118.24 272,622.45
32 1,158.65 382.15 118.24 272,240.30
33 1,157.02 383.78 118.24 271,856.52
34 1,155.39 385.41 118.24 271,471.11
35 1,153.75 387.05 118.24 271,084.06
36 1,152.11 388.69 118.24 270,695.37
3 Yr

 ---
13,932.34

 ---
4,557.26

 ---
1,418.92

  
37 1,150.46 390.34 118.24 270,305.02
38 1,148.80 392.00 118.24 269,913.02
39 1,147.13 393.67 118.24 269,519.35
40 1,145.46 395.34 118.24 269,124.01
41 1,143.78 397.02 118.24 268,726.98
42 1,142.09 398.71 118.24 268,328.27
43 1,140.40 400.40 118.24 267,927.87
44 1,138.69 402.11 118.24 267,525.76
45 1,136.98 403.82 118.24 267,121.94
46 1,135.27 405.53 118.24 266,716.41
47 1,133.54 407.26 118.24 266,309.16
48 1,131.81 408.99 118.24 265,900.17
4 Yr

 ---
13,694.41

 ---
4,795.19

 ---
1,418.92

  
49 1,130.08 410.72 118.24 265,489.45
50 1,128.33 412.47 118.24 265,076.98
51 1,126.58 414.22 118.24 264,662.75
52 1,124.82 415.98 118.24 264,246.77
53 1,123.05 417.75 118.24 263,829.02
54 1,121.27 419.53 118.24 263,409.49
55 1,119.49 421.31 118.24 262,988.18
56 1,117.70 423.10 118.24 262,565.08
57 1,115.90 424.90 118.24 262,140.19
58 1,114.10 426.70 118.24 261,713.48
59 1,112.28 428.52 118.24 261,284.96
60 1,110.46 430.34 118.24 260,854.62
5 Yr

 ---
13,444.05

 ---
5,045.55

 ---
1,418.92

  
61 1,108.63 432.17 118.24 260,422.46
62 1,106.80 434.00 118.24 259,988.45
63 1,104.95 435.85 118.24 259,552.60
64 1,103.10 437.70 118.24 259,114.90
65 1,101.24 439.56 118.24 258,675.34
66 1,099.37 441.43 118.24 258,233.91
67 1,097.49 443.31 118.24 257,790.60
68 1,095.61 445.19 118.24 257,345.41
69 1,093.72 447.08 118.24 256,898.33
70 1,091.82 448.98 118.24 256,449.35
71 1,089.91 450.89 118.24 255,998.46
72 1,087.99 452.81 118.24 255,545.65
6 Yr

 ---
13,180.63

 ---
5,308.97

 ---
1,418.92

  
73 1,086.07 454.73 118.24 255,090.92
74 1,084.14 456.66 118.24 254,634.26
75 1,082.20 458.60 118.24 254,175.65
76 1,080.25 460.55 118.24 253,715.10
77 1,078.29 462.51 118.24 253,252.59
78 1,076.32 464.48 118.24 252,788.11
79 1,074.35 466.45 118.24 252,321.66
80 1,072.37 468.43 0.00 251,853.23
81 1,070.38 470.42 0.00 251,382.81
82 1,068.38 472.42 0.00 250,910.38
83 1,066.37 474.43 0.00 250,435.95
84 1,064.35 476.45 0.00 249,959.51
7 Yr

 ---
12,903.45

 ---
5,586.15

 ---
827.70

  
85 1,062.33 478.47 0.00 249,481.03
86 1,060.29 480.51 0.00 249,000.53
87 1,058.25 482.55 0.00 248,517.98
88 1,056.20 484.60 0.00 248,033.38
89 1,054.14 486.66 0.00 247,546.72
90 1,052.07 488.73 0.00 247,058.00
91 1,050.00 490.80 0.00 246,567.19
92 1,047.91 492.89 0.00 246,074.30
93 1,045.82 494.98 0.00 245,579.32
94 1,043.71 497.09 0.00 245,082.23
95 1,041.60 499.20 0.00 244,583.03
96 1,039.48 501.32 0.00 244,081.71
8 Yr

 ---
12,611.80

 ---
5,877.80

 ---
0.00

  
97 1,037.35 503.45 0.00 243,578.26
98 1,035.21 505.59 0.00 243,072.66
99 1,033.06 507.74 0.00 242,564.92
100 1,030.90 509.90 0.00 242,055.02
101 1,028.73 512.07 0.00 241,542.96
102 1,026.56 514.24 0.00 241,028.72
103 1,024.37 516.43 0.00 240,512.29
104 1,022.18 518.62 0.00 239,993.66
105 1,019.97 520.83 0.00 239,472.84
106 1,017.76 523.04 0.00 238,949.80
107 1,015.54 525.26 0.00 238,424.53
108 1,013.30 527.50 0.00 237,897.04
9 Yr

 ---
12,304.93

 ---
6,184.67

 ---
0.00

  
109 1,011.06 529.74 0.00 237,367.30
110 1,008.81 531.99 0.00 236,835.31
111 1,006.55 534.25 0.00 236,301.06
112 1,004.28 536.52 0.00 235,764.54
113 1,002.00 538.80 0.00 235,225.74
114 999.71 541.09 0.00 234,684.65
115 997.41 543.39 0.00 234,141.26
116 995.10 545.70 0.00 233,595.56
117 992.78 548.02 0.00 233,047.54
118 990.45 550.35 0.00 232,497.19
119 988.11 552.69 0.00 231,944.51
120 985.76 555.04 0.00 231,389.47
10 Yr

 ---
11,982.03

 ---
6,507.57

 ---
0.00

  
121 983.41 557.39 0.00 230,832.08
122 981.04 559.76 0.00 230,272.31
123 978.66 562.14 0.00 229,710.17
124 976.27 564.53 0.00 229,145.64
125 973.87 566.93 0.00 228,578.71
126 971.46 569.34 0.00 228,009.37
127 969.04 571.76 0.00 227,437.61
128 966.61 574.19 0.00 226,863.42
129 964.17 576.63 0.00 226,286.79
130 961.72 579.08 0.00 225,707.70
131 959.26 581.54 0.00 225,126.16
132 956.79 584.01 0.00 224,542.15
11 Yr

 ---
11,642.28

 ---
6,847.32

 ---
0.00

  
133 954.30 586.50 0.00 223,955.65
134 951.81 588.99 0.00 223,366.66
135 949.31 591.49 0.00 222,775.17
136 946.79 594.01 0.00 222,181.17
137 944.27 596.53 0.00 221,584.64
138 941.73 599.07 0.00 220,985.57
139 939.19 601.61 0.00 220,383.96
140 936.63 604.17 0.00 219,779.79
141 934.06 606.74 0.00 219,173.06
142 931.49 609.31 0.00 218,563.74
143 928.90 611.90 0.00 217,951.84
144 926.30 614.50 0.00 217,337.33
12 Yr

 ---
11,284.78

 ---
7,204.82

 ---
0.00

  
145 923.68 617.12 0.00 216,720.22
146 921.06 619.74 0.00 216,100.48
147 918.43 622.37 0.00 215,478.10
148 915.78 625.02 0.00 214,853.09
149 913.13 627.67 0.00 214,225.41
150 910.46 630.34 0.00 213,595.07
151 907.78 633.02 0.00 212,962.05
152 905.09 635.71 0.00 212,326.34
153 902.39 638.41 0.00 211,687.92
154 899.67 641.13 0.00 211,046.80
155 896.95 643.85 0.00 210,402.95
156 894.21 646.59 0.00 209,756.36
13 Yr

 ---
10,908.63

 ---
7,580.97

 ---
0.00

  
157 891.46 649.34 0.00 209,107.02
158 888.70 652.10 0.00 208,454.93
159 885.93 654.87 0.00 207,800.06
160 883.15 657.65 0.00 207,142.41
161 880.36 660.44 0.00 206,481.97
162 877.55 663.25 0.00 205,818.72
163 874.73 666.07 0.00 205,152.65
164 871.90 668.90 0.00 204,483.74
165 869.06 671.74 0.00 203,812.00
166 866.20 674.60 0.00 203,137.40
167 863.33 677.47 0.00 202,459.94
168 860.45 680.35 0.00 201,779.59
14 Yr

 ---
10,512.83

 ---
7,976.77

 ---
0.00

  
169 857.56 683.24 0.00 201,096.35
170 854.66 686.14 0.00 200,410.21
171 851.74 689.06 0.00 199,721.16
172 848.81 691.99 0.00 199,029.17
173 845.87 694.93 0.00 198,334.24
174 842.92 697.88 0.00 197,636.37
175 839.95 700.85 0.00 196,935.52
176 836.98 703.82 0.00 196,231.70
177 833.98 706.82 0.00 195,524.88
178 830.98 709.82 0.00 194,815.06
179 827.96 712.84 0.00 194,102.23
180 824.93 715.87 0.00 193,386.36
15 Yr

 ---
10,096.37

 ---
8,393.23

 ---
0.00

  
181 821.89 718.91 0.00 192,667.45
182 818.84 721.96 0.00 191,945.49
183 815.77 725.03 0.00 191,220.46
184 812.69 728.11 0.00 190,492.34
185 809.59 731.21 0.00 189,761.14
186 806.48 734.32 0.00 189,026.82
187 803.36 737.44 0.00 188,289.39
188 800.23 740.57 0.00 187,548.81
189 797.08 743.72 0.00 186,805.10
190 793.92 746.88 0.00 186,058.22
191 790.75 750.05 0.00 185,308.17
192 787.56 753.24 0.00 184,554.93
16 Yr

 ---
9,658.17

 ---
8,831.43

 ---
0.00

  
193 784.36 756.44 0.00 183,798.48
194 781.14 759.66 0.00 183,038.83
195 777.92 762.88 0.00 182,275.94
196 774.67 766.13 0.00 181,509.82
197 771.42 769.38 0.00 180,740.43
198 768.15 772.65 0.00 179,967.78
199 764.86 775.94 0.00 179,191.84
200 761.57 779.23 0.00 178,412.61
201 758.25 782.55 0.00 177,630.06
202 754.93 785.87 0.00 176,844.19
203 751.59 789.21 0.00 176,054.98
204 748.23 792.57 0.00 175,262.41
17 Yr

 ---
9,197.08

 ---
9,292.52

 ---
0.00

  
205 744.87 795.93 0.00 174,466.48
206 741.48 799.32 0.00 173,667.16
207 738.09 802.71 0.00 172,864.44
208 734.67 806.13 0.00 172,058.32
209 731.25 809.55 0.00 171,248.77
210 727.81 812.99 0.00 170,435.77
211 724.35 816.45 0.00 169,619.32
212 720.88 819.92 0.00 168,799.41
213 717.40 823.40 0.00 167,976.00
214 713.90 826.90 0.00 167,149.10
215 710.38 830.42 0.00 166,318.69
216 706.85 833.95 0.00 165,484.74
18 Yr

 ---
8,711.93

 ---
9,777.67

 ---
0.00

  
217 703.31 837.49 0.00 164,647.25
218 699.75 841.05 0.00 163,806.20
219 696.18 844.62 0.00 162,961.58
220 692.59 848.21 0.00 162,113.36
221 688.98 851.82 0.00 161,261.55
222 685.36 855.44 0.00 160,406.11
223 681.73 859.07 0.00 159,547.03
224 678.07 862.73 0.00 158,684.31
225 674.41 866.39 0.00 157,817.92
226 670.73 870.07 0.00 156,947.84
227 667.03 873.77 0.00 156,074.07
228 663.31 877.49 0.00 155,196.59
19 Yr

 ---
8,201.45

 ---
10,288.15

 ---
0.00

  
229 659.59 881.21 0.00 154,315.37
230 655.84 884.96 0.00 153,430.41
231 652.08 888.72 0.00 152,541.69
232 648.30 892.50 0.00 151,649.19
233 644.51 896.29 0.00 150,752.90
234 640.70 900.10 0.00 149,852.80
235 636.87 903.93 0.00 148,948.88
236 633.03 907.77 0.00 148,041.11
237 629.17 911.63 0.00 147,129.48
238 625.30 915.50 0.00 146,213.98
239 621.41 919.39 0.00 145,294.59
240 617.50 923.30 0.00 144,371.30
20 Yr

 ---
7,664.31

 ---
10,825.29

 ---
0.00

  
241 613.58 927.22 0.00 143,444.07
242 609.64 931.16 0.00 142,512.91
243 605.68 935.12 0.00 141,577.79
244 601.71 939.09 0.00 140,638.70
245 597.71 943.09 0.00 139,695.61
246 593.71 947.09 0.00 138,748.52
247 589.68 951.12 0.00 137,797.40
248 585.64 955.16 0.00 136,842.24
249 581.58 959.22 0.00 135,883.02
250 577.50 963.30 0.00 134,919.72
251 573.41 967.39 0.00 133,952.33
252 569.30 971.50 0.00 132,980.83
21 Yr

 ---
7,099.13

 ---
11,390.47

 ---
0.00

  
253 565.17 975.63 0.00 132,005.20
254 561.02 979.78 0.00 131,025.42
255 556.86 983.94 0.00 130,041.48
256 552.68 988.12 0.00 129,053.35
257 548.48 992.32 0.00 128,061.03
258 544.26 996.54 0.00 127,064.49
259 540.02 1,000.78 0.00 126,063.71
260 535.77 1,005.03 0.00 125,058.68
261 531.50 1,009.30 0.00 124,049.38
262 527.21 1,013.59 0.00 123,035.79
263 522.90 1,017.90 0.00 122,017.89
264 518.58 1,022.22 0.00 120,995.67
22 Yr

 ---
6,504.44

 ---
11,985.16

 ---
0.00

  
265 514.23 1,026.57 0.00 119,969.10
266 509.87 1,030.93 0.00 118,938.17
267 505.49 1,035.31 0.00 117,902.86
268 501.09 1,039.71 0.00 116,863.14
269 496.67 1,044.13 0.00 115,819.01
270 492.23 1,048.57 0.00 114,770.44
271 487.77 1,053.03 0.00 113,717.42
272 483.30 1,057.50 0.00 112,659.92
273 478.80 1,062.00 0.00 111,597.92
274 474.29 1,066.51 0.00 110,531.41
275 469.76 1,071.04 0.00 109,460.37
276 465.21 1,075.59 0.00 108,384.78
23 Yr

 ---
5,878.71

 ---
12,610.89

 ---
0.00

  
277 460.64 1,080.16 0.00 107,304.61
278 456.04 1,084.76 0.00 106,219.86
279 451.43 1,089.37 0.00 105,130.49
280 446.80 1,094.00 0.00 104,036.50
281 442.16 1,098.64 0.00 102,937.85
282 437.49 1,103.31 0.00 101,834.54
283 432.80 1,108.00 0.00 100,726.53
284 428.09 1,112.71 0.00 99,613.82
285 423.36 1,117.44 0.00 98,496.38
286 418.61 1,122.19 0.00 97,374.19
287 413.84 1,126.96 0.00 96,247.23
288 409.05 1,131.75 0.00 95,115.48
24 Yr

 ---
5,220.30

 ---
13,269.30

 ---
0.00

  
289 404.24 1,136.56 0.00 93,978.92
290 399.41 1,141.39 0.00 92,837.53
291 394.56 1,146.24 0.00 91,691.29
292 389.69 1,151.11 0.00 90,540.18
293 384.80 1,156.00 0.00 89,384.18
294 379.88 1,160.92 0.00 88,223.26
295 374.95 1,165.85 0.00 87,057.41
296 369.99 1,170.81 0.00 85,886.60
297 365.02 1,175.78 0.00 84,710.82
298 360.02 1,180.78 0.00 83,530.04
299 355.00 1,185.80 0.00 82,344.24
300 349.96 1,190.84 0.00 81,153.41
25 Yr

 ---
4,527.52

 ---
13,962.08

 ---
0.00

  
301 344.90 1,195.90 0.00 79,957.51
302 339.82 1,200.98 0.00 78,756.53
303 334.72 1,206.08 0.00 77,550.44
304 329.59 1,211.21 0.00 76,339.23
305 324.44 1,216.36 0.00 75,122.87
306 319.27 1,221.53 0.00 73,901.35
307 314.08 1,226.72 0.00 72,674.63
308 308.87 1,231.93 0.00 71,442.69
309 303.63 1,237.17 0.00 70,205.53
310 298.37 1,242.43 0.00 68,963.10
311 293.09 1,247.71 0.00 67,715.39
312 287.79 1,253.01 0.00 66,462.38
26 Yr

 ---
3,798.58

 ---
14,691.02

 ---
0.00

  
313 282.47 1,258.33 0.00 65,204.05
314 277.12 1,263.68 0.00 63,940.37
315 271.75 1,269.05 0.00 62,671.31
316 266.35 1,274.45 0.00 61,396.87
317 260.94 1,279.86 0.00 60,117.00
318 255.50 1,285.30 0.00 58,831.70
319 250.03 1,290.77 0.00 57,540.93
320 244.55 1,296.25 0.00 56,244.68
321 239.04 1,301.76 0.00 54,942.92
322 233.51 1,307.29 0.00 53,635.63
323 227.95 1,312.85 0.00 52,322.78
324 222.37 1,318.43 0.00 51,004.35
27 Yr

 ---
3,031.57

 ---
15,458.03

 ---
0.00

  
325 216.77 1,324.03 0.00 49,680.32
326 211.14 1,329.66 0.00 48,350.66
327 205.49 1,335.31 0.00 47,015.35
328 199.82 1,340.98 0.00 45,674.37
329 194.12 1,346.68 0.00 44,327.68
330 188.39 1,352.41 0.00 42,975.28
331 182.64 1,358.16 0.00 41,617.12
332 176.87 1,363.93 0.00 40,253.20
333 171.08 1,369.72 0.00 38,883.47
334 165.25 1,375.55 0.00 37,507.93
335 159.41 1,381.39 0.00 36,126.53
336 153.54 1,387.26 0.00 34,739.27
28 Yr

 ---
2,224.52

 ---
16,265.08

 ---
0.00

  
337 147.64 1,393.16 0.00 33,346.11
338 141.72 1,399.08 0.00 31,947.04
339 135.77 1,405.03 0.00 30,542.01
340 129.80 1,411.00 0.00 29,131.01
341 123.81 1,416.99 0.00 27,714.02
342 117.78 1,423.02 0.00 26,291.01
343 111.74 1,429.06 0.00 24,861.94
344 105.66 1,435.14 0.00 23,426.81
345 99.56 1,441.24 0.00 21,985.57
346 93.44 1,447.36 0.00 20,538.21
347 87.29 1,453.51 0.00 19,084.70
348 81.11 1,459.69 0.00 17,625.01
29 Yr

 ---
1,375.33

 ---
17,114.27

 ---
0.00

  
349 74.91 1,465.89 0.00 16,159.11
350 68.68 1,472.12 0.00 14,686.99
351 62.42 1,478.38 0.00 13,208.61
352 56.14 1,484.66 0.00 11,723.94
353 49.83 1,490.97 0.00 10,232.97
354 43.49 1,497.31 0.00 8,735.66
355 37.13 1,503.67 0.00 7,231.99
356 30.74 1,510.06 0.00 5,721.92
357 24.32 1,516.48 0.00 4,205.44
358 17.87 1,522.93 0.00 2,682.51
359 11.40 1,529.40 0.00 1,153.12
360 4.90 1,153.12 0.00 0.00
30 Yr

 ---
481.81

 ---
17,625.01

 ---
0.00

  
  Interests Principal PMI  
Total 270,605.22 283,700.00 9,341.20 0.00
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.

 



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