Home affordability calculator
It finds the highest payment your income allows, turns it into a loan amount and adds your down payment to give the price you can reach.
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Processing and privacy: The result is calculated inside your browser and your data is not sent to any server.
How to use it
- Enter monthly income, other monthly debts, max debt to income ratio, monthly housing costs (insurance, fees), annual interest or profit rate and loan term.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
Max payment = income x debt ratio - debts - monthly housing costs. Loan = payment x (1 - (1 + r)^-n) / r. Price = loan + down payment.
Example
Inputs: Monthly income = 20,000, Other monthly debts = 2,000, Max debt to income ratio = 40 %, Monthly housing costs (insurance, fees) = 500, Annual interest or profit rate = 5 %. Result: Maximum home price: 1,140,830.26; Maximum loan: 940,830.26; Maximum monthly payment: 5,500.00.
Limits and caveats
- The maximum debt ratio is set by lenders and regulators and differs by country, so enter the one that applies to you.
- Your bank may also require a minimum down payment or cap the loan to value ratio.
Questions about this tool
What is the debt ratio?
The largest share of your monthly income allowed to go to all loan payments and debts combined.
Gross or net income?
Use the income your lender counts. Many banks use gross salary with fixed allowances.
Does this mean I will get the loan?
No. It is an estimate, and approval depends on your credit record, lender policy and the property valuation.