Home Affordability Calculator

Find out how much home you can afford.

Our home affordability calculator helps you understand how much home you can afford based on your income and other debts.

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You could afford a house worth:

Conservative Aggressive
Monthly payment:
Debt to income ratio: ?
  • You can afford:
  • Home Price: $___,___
  • Loan Amount: $___,___
Monthly income breakdown
  • Estimated Monthly Income:
  • Mo. Mortgage Payment:  
  • Debt Payments:  
  • Income Taxes:  
  • Left Over:  

We found these based on your results

30 Years Fixed
Sebonic Financial (515)
APR
4.216%
Interest Rate
3.250%
Mo. Payment
$1,131
(866) 544-4064 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 30 Days
Down Payment $25,000
Principal and Interest Payments $980
Estimated Mortgage Insurance Payments $151
Total Monthly Mortgage Payment $1,131
Lender Fees $6,867
Lender Credit $0
Total Closing Fees* $6,867
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Lender Reviews

Worked for me

Yes, I recommend this lender

After a bad try at a loan with Loan Depot it was a pleasure to deal with these people. Rate and costs were ok.

By: Anonymous (Miami)

Very Honest

Yes, I recommend this lender

They met all of their commitments. Totally issue and stress free process.

By: Alan (South Carolina)

The MOST ill-informed loan officers!

Yes, I recommend this lender

Last week I called and spoke to a loan officer bc I had a special situation involving a personal BK that was discharged 4 years prior.. so per FNMA guidelines I was passed the waiting period and eligible for a new mortgage. I wanted to sell my house (iib) and before we even got to the loan qualification part.. the loan officer told me I could NOT sell my house as I am no longer the owner. The bank is the rightful owner since I went through bk. I told him he was wrong and I disagreed.. He check with his underwriter.. and confirmed he was correct. YOU LOST A LOAN BUDDY DUE TO YOUR LACK OF KNOWLEDGE! I would imagine other loan officers at Sebonic have the same training. DON'T WASTE YOUR TIME WITH THESE PEOPLE. GO TO A FIRM THAT FULLY UNDERSTAND THE BUSINESS!

By: TLBC (RALEIGH, NC)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank (6)
APR
4.156%
Interest Rate
3.250%
Mo. Payment
$1,131
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 30 Days
Down Payment $25,000
Principal and Interest Payments $980
Estimated Mortgage Insurance Payments $151
Total Monthly Mortgage Payment $1,131
Lender Fees $5,314
Lender Credit $0
Total Closing Fees* $5,314
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Lender Reviews

Highly recommend!

Yes, I recommend this lender

Incredibly attentive. An absolute joy to work with. Highly recommend!

By: hk4394 (Milton, FL)

Mikes Refinance

Yes, I recommend this lender

Had a great experience with Consumer Direct. It was a non painful refinance and a great rate. Pat and Jamie were a pleasure to work with and always responded to me in a timely manner, whether it be by email or phone. 2 thumbs up!!!!

By: Anonymous (Boynton Beach, FL)

Mikes Refinance

Yes, I recommend this lender

I had a great experience working with Consumer Direct. Very professional, caring and actually returned my calls right away when I had any questions or concerns about my loan. I would highly recommend this company. (and I got a great rate!!!!) Mike

By: Robinson (Boynton Beach, FL)
See All Reviews
Smarter Mortgages Be the first to write a review.
APR
3.938%
Interest Rate
3.490%
Mo. Payment
$1,122
(855) 610-2935 Contact
Smarter Mortgages
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 30 Days
Down Payment $25,000
Principal and Interest Payments $1,009
Estimated Mortgage Insurance Payments $113
Total Monthly Mortgage Payment $1,122
Lender Fees $4,500
Lender Credit $1,406
Total Closing Fees* $3,094
*Other 3rd party fees may apply
Smarter Mortgages
Email Lender

About the Lender

An INC 5000 Company for the Past Four Years! At Smarter Mortgages, we've centralized the entire mortgage process from start to finish. Unlike traditional banks or brokers who must send your applications to several different locations for approval and closing, we have every step located under one roof. This allows us to provide a consistent process, lower costs, and greatly reduce the possibility of errors or delays. Our licensed Mortgage Managers are located beside our entire operations team and have access to our underwriters, loan committee and management team. This is not the industry norm, however, we feel that there must be open and timely communication to ensure quick decisions and one time closings.

Lender Reviews

Be the first to write a review. See All Reviews
15 Years Fixed
Smarter Mortgages Be the first to write a review.
APR
3.014%
Interest Rate
2.500%
Mo. Payment
$1,613
(855) 610-2935 Contact
Smarter Mortgages
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 30 Days
Down Payment $25,000
Principal and Interest Payments $1,500
Estimated Mortgage Insurance Payments $113
Total Monthly Mortgage Payment $1,613
Lender Fees $4,813
Lender Credit $562
Total Closing Fees* $4,251
*Other 3rd party fees may apply
Smarter Mortgages
Email Lender

About the Lender

An INC 5000 Company for the Past Four Years! At Smarter Mortgages, we've centralized the entire mortgage process from start to finish. Unlike traditional banks or brokers who must send your applications to several different locations for approval and closing, we have every step located under one roof. This allows us to provide a consistent process, lower costs, and greatly reduce the possibility of errors or delays. Our licensed Mortgage Managers are located beside our entire operations team and have access to our underwriters, loan committee and management team. This is not the industry norm, however, we feel that there must be open and timely communication to ensure quick decisions and one time closings.

Lender Reviews

Be the first to write a review. See All Reviews
Consumer Direct Mortgage, a division of FirstBank (6)
APR
3.200%
Interest Rate
2.750%
Mo. Payment
$1,582
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 30 Days
Down Payment $25,000
Principal and Interest Payments $1,527
Estimated Mortgage Insurance Payments $55
Total Monthly Mortgage Payment $1,582
Lender Fees $2,532
Lender Credit $0
Total Closing Fees* $2,532
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Lender Reviews

Highly recommend!

Yes, I recommend this lender

Incredibly attentive. An absolute joy to work with. Highly recommend!

By: hk4394 (Milton, FL)

Mikes Refinance

Yes, I recommend this lender

Had a great experience with Consumer Direct. It was a non painful refinance and a great rate. Pat and Jamie were a pleasure to work with and always responded to me in a timely manner, whether it be by email or phone. 2 thumbs up!!!!

By: Anonymous (Boynton Beach, FL)

Mikes Refinance

Yes, I recommend this lender

I had a great experience working with Consumer Direct. Very professional, caring and actually returned my calls right away when I had any questions or concerns about my loan. I would highly recommend this company. (and I got a great rate!!!!) Mike

By: Robinson (Boynton Beach, FL)
See All Reviews

Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Monthly Mortgage Payment :
  • Principal & Interest:
  • Property Taxes:  
  • Homeowner's Insurance:  
  • HOA dues:  
  • PMI:  

How To Use Home Affordability Calculator

Prospective home buyers should answer the question, "How much home can I afford?" before they begin house hunting. Knowing their spending limit keeps consumers from getting emotionally involved in properties they can't afford. It prevents buyers from wasting their time (and everyone else's) on homes for which they don't qualify. And finally, the process of exploring these limits can help buyers sort out their spending priorities and make smarter financial decisions. This is where affordability calculators come in.

Mortgage Affordability Calculator: How Much Risk?

Most kinds of affordability calculator focus on a single debt-to-income (DTI) ratio. They take the user's gross monthly income (before taxes) and multiply it by a pre-selected DTI, usually something like 36 percent. From that result, they subtract any other payments like auto loans, credit cards and student loans, and what remains is the maximum house payment -- principal, interest, taxes and insurance. However, most personal finance experts believe that even buyers with identical income and debts shouldn't necessarily spend the same amount on a home. There's nothing in most affordability calculators, for example, that accounts for payment shock. Payment shock is the amount of a new housing expense divided by the old housing expense. Most underwriters don't want to see payment shock that exceeds 150 - 200 percent. If a would-be buyer currently rents for $500 a month, it won't necessarily be easy for him or her to get approved for a mortgage with a $2,000 a month payment. Instead, they might be better off with a more conservative scenario.

Users can incorporate their own priorities into their maximum purchase price by using LendingTree's Home Affordability Calculator -- its three scenarios allow them to select a conservative, moderate or aggressive approach and choose their next home based on its calculations. For example, a family with $75,000 a year in gross income, $100 a month in other expenses and $25,000 for a down payment could choose from purchases prices ranging between $281,000 and $413,000 at a 4.00 percent interest rate.

Assumptions: Increasing Accuracy

By clicking the + Assumptions link, users can alter some of the calculations -- inputting actual insurance, tax and homeowners association dues. This allows them to fine-tune their spending limits. In addition, home affordability calculators (and loan officers, real estate agents and mortgage underwriters) don't estimate the effects of considerations like these:

  • Plans to start a family
  • Impending retirement
  • Cash flow needed for a new business
  • Kids heading to college
  • Expensive hobbies
  • Savings goals
  • Kids moving out / graduating college

Consumers can adjust their inputs to factor in these and other items. For example, a family committed to donating ten percent of their income to charity can make sure their new home is affordable by choosing the "conservative" purchase price or by counting that donation in their expenses. And families expecting an increase in income or decrease in expenses -- perhaps the children are finally graduating college or moving out -- can simply choose the "aggressive" scenario or adjust their income upward, giving them a realistic idea of what they can comfortably afford after the blessed event occurs.

Playing Around

Another use for home affordability calculators is seeing how changes in inputs can affect the maximum home price. Suppose the family in the previous example has a $5,000 debt with a $100 a month payment. They can afford a house costing $281,000 to $414,000 at 4.00 percent with $25,000 down. Or they could reduce their down payment to $20,000 and pay off the debt. Which option gets them more house? Answer: Taking $5,000 from their down payment to get rid of the $100 a month expense does increase their purchase price range by more than $10,000. In addition, consumers can use this calculator to see how changes in interest rate and programs affect affordability. If the family above decides on a 5/1 hybrid ARM at 2.75 percent instead of a 30-year fixed loan at 4.00 percent, the maximum price range jumps to $328,000 - $479,000.

Finally, the calculator allows users to see how adjustable rate mortgages (ARMs) can affect home affordability. A 5/1 hybrid ARM might start at 2.75 percent, but what if its lifetime cap is 7.75 percent? At that rate, the maximum price drops to between $220,000 and $318,000. Buyers concerned about affording an ARM in a rising rate environment might want to limit their purchase price to something affordable even at a higher interest rate.