Calculate Your Home Affordability
Home Prices You Can Afford
📝 Important Mortgage Calculator Notes
- • Monthly payments shown are for principal and interest only
- • Add property taxes, homeowners insurance, PMI, and HOA fees to your total housing cost
- • Down payments under 20% typically require PMI (Private Mortgage Insurance)
- • Consider closing costs (2-5% of home price) in your budget
- • Get pre-approved with a lender to confirm your actual rate and loan amount
How This Mortgage Calculator Works
Step 1: Enter Your Budget
Input the monthly payment amount you're comfortable with for principal and interest.
Step 2: Set Interest Rate
Enter current mortgage interest rates (check with lenders for accurate rates).
Step 3: Choose Loan Term
Select 15, 30, or custom year mortgage term length.
Step 4: Compare Options
See home prices for different down payment percentages from 5% to 30%.
Frequently Asked Questions
How much house can I afford with my salary?
Generally, your monthly housing payment should not exceed 28% of your gross monthly income. Use this calculator to see home prices based on your comfortable payment amount.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. PMI typically costs 0.3% to 1.5% of the loan amount annually and can be removed once you reach 20% equity in your home.
What's the difference between 20% and 5% down payment?
A 20% down payment eliminates PMI (Private Mortgage Insurance) requirements, reducing your total monthly payment. Lower down payments like 5% allow you to buy sooner but require PMI, typically 0.3-1.5% of the loan amount annually.
Can I use custom down payment percentages?
Yes! Use the custom down payment field to enter any percentage from 0% to 50%. This is helpful for unique situations like gifts from family, seller credits, or when you have a specific savings amount that doesn't match standard percentages.
Are these mortgage calculations accurate?
This calculator provides estimates including PMI calculations for any down payment percentage. Final loan amounts depend on your credit score, debt-to-income ratio, and lender approval. PMI rates vary by lender and credit score. Use the custom down payment option for the most accurate results based on your specific situation.