Mortgage Loan Affordability Calculator
Use SFC Finance mortgage loan affordability calculator to check how much mortgage loan you can afford.
Use This Mortgage Affordability Calculator
Housing costs typically include mortgage or rent, property taxes, homeowner's insurance, utilities, and homeowner's association fees.
Your Mortgage Loan Affordability Results:
Affordable Monthly Mortgage Payment:
Total Affordable Mortgage Amount:
Here is the Mortgage Loan Affordability Formula used in this calculator:
Affordable Mortgage Payment = Net Monthly Income − Non-Housing Monthly Expenses − Other Housing Expenses
Example Scenario for an Affordability Calculation
Let’s say you have a net monthly income of $6,000 and $1,500 in non-housing expenses. Using the mortgage loan affordability calculator above, you would input the following values:
- Net Monthly Income: $6,000
- Non-Housing Expenses: $1,500
- Property Tax Rate: 1.25%
- Homeowner’s Insurance: $100/month
- HOA Fees: $200/month
- Interest Rate: 5%
- Loan Term: 30 years
- Down Payment: $20,000
After calculating, your estimated affordable loan amount would be $628,645, which means you can afford a home valued at $648,645, including the down payment.
Here’s a quick breakdown:
- Affordable Loan Amount: $628,645
- Total Home Value (including down payment): $648,645
- Estimated Monthly Payment: Varies based on selected terms and interest
This example highlights how key factors like income, expenses, and interest rates can impact your home affordability. Try out different values in the mortgage loan affordability calculator to see what you can comfortably afford!
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