Find out how much home you can afford based on your income, expenses, and down payment.
Start with your annual household income and your monthly debt payments, such as car loans, student loans and credit cards. The calculator applies common lender debt-to-income guidelines to find the monthly housing budget you are likely to qualify for, then works backward to a maximum home price.
Your down payment, interest rate, loan term, property tax rate, insurance rate and HOA dues all change the answer. The result breaks that budget into principal and interest, taxes, insurance, HOA and PMI, and shows the estimated loan amount for a purchase in Guntersville, Alabama.
Lenders weigh credit, savings and other factors too, so treat the figure as a starting point for a pre-approval conversation. You can email yourself the results or ask Trenten Hammond for help setting a price range.