The Ultimate Home Affordability Calculator

The Ultimate Home Affordability Calculator

Looking for a home? Your first step is to determine what you can afford. This calculator determines home affordability based on a number of factors, including income, monthly bills, credit score, down payment, length of mortgage, interest rate, property taxes, and the condition of the home being considered. It is the only home affordability calculator that incorporates so many factors. Simply use the sliders to answer the questions in the green boxes and the price of the home you can afford changes in live time and is displayed in the blue box near the bottom of this page. If you don't know the answer to something, don't move the slider. For example: If you haven't yet picked out a house, leave the home's condition rank at 5.

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METHODOLOGY: To arrive at an “affordable” home price, I followed the 36% debt payments-to-gross income guideline used by many lenders.  Once you enter your monthly debt, the calculator displays the maximum home payment you could handle while staying under that threshold.  It corrects the current interest rate advertised by banks using your credit score, which, in turn, affects the price of the home you can afford.  It also adjusts for the home being in a low or high property tax area.  And finally, since home maintenance and repairs are real costs of homeownership, the calculator uses the general condition of the home to determine the price of the home you can afford.


Nick Gromicko,
Creator, The Ultimate Home Affordability Calculator