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
eLEND (71)
APR
3.767%
Interest Rate
3.250%
Mo. Payment
$1,063
(855) 982-3216 Contact
eLEND
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 $83
Total Monthly Mortgage Payment $1,063
Lender Fees $3,393
Lender Credit $0
Total Closing Fees* $3,393
*Other 3rd party fees may apply
eLEND
Email Lender

About the Lender

eLEND provides residential mortgage financing directly to potential home buyers and existing homeowners through a robust online platform built to simplify the lending process. Our mortgage technology solutions help thousands of families every year achieve their home financing goals. We offer Conventional, FHA, VA, USDA, Jumbo, and Renovation financing programs with exceptional rates and service. A division of American Financial Resources, Inc., eLEND is backed by over 18 years of industry success. Our expert Mortgage Loan Originators will help connect you with the ideal financing solution to achieve your specific goals. Contact us today for a free rate quote or e-Approval.

Lender Reviews

Wade

After giving them papers directly from the IRS , after having to show divorce papers from 14yrs. Ago, having to get an itemized list of whom was filled on my bankruptcy, let's see what else phone numbers of ex employer from two years ago not the same year, personal reference?????please tell me how showing papers off an old divorce is when relevant? What about a bankruptcy that is 8yrs. Old, is it going to end it's been since December 3, 2015

By: Keri (Gibsonton, FL)

very rude

Stephen Pullen contacted us and he was extremely rude. He kept interrupting me and talking over me. Completely uninterested in what our needs were. We tried back in October to use them and no call backs. Very poor customer service

By: karen (Hinesville, GA)

good

Yes, I recommend this lender

Good

By: Arlen (Mukilteo, WA)
See All Reviews
Sebonic Financial (522)
APR
3.906%
Interest Rate
3.375%
Mo. Payment
$1,078
(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 $995
Estimated Mortgage Insurance Payments $83
Total Monthly Mortgage Payment $1,078
Lender Fees $3,783
Lender Credit $0
Total Closing Fees* $3,783
*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

Sebonic was quick, inexpensive and easy

Yes, I recommend this lender

After receiving what I perceived as poor service at Quicken I walked away from them the week of the scheduled closing and went with Sebonic. As far as I am concerned it was a great decision as I closed quickly with a slightly better rate and lower closing costs. James Dawkins was assigned to push my loan through and he was very responsive and helpful. For the closing they sent a notary to my home and with a little help from James everything was done in about 45 minutes. This was probably about my 20th loan / refi and the first that was done almost entirely via the internet. The internet added a few twists to the process but overall it was painless.

By: Andrew (Pinehurst, NC)

Avoid at all costs

Started our refi 3 months ago, and for the second time, no one showed up for our closing, with no call, email, anything!!! WORST experience ever! Would gladly have paid thousands more if I had known! Started with after waiting 2 weeks for the appraisal, the first appraiser having a "family emergency" so had to wait another 2 weeks for another appraiser. We felt bad for the first guy, so we understood. This is when we first started to notice emails and phone calls not being answered. The only time we could reach anyone was to call their customer service line, and they would corner our rep. And then we would get circle answers, and promises of answers that never came. Then a glitch in paperwork came up due to a discharged bankruptcy years ago. Offered to handle it with guidance and were told they would take care of it. That was that. We were then told we would close Friday or Saturday, after only 6 weeks... Great! They will call us. No call Thursday. Friday we call 3-4 times, email, no answer. Still waiting by the phone Saturday, called, emailed, still nothing. We called and emailed Monday... No answer. Finally Tuesday for a "manager" who advised our rep was our of town and would get back to us the next day. Finally heard from him 2 days after that, and many emails and calls, and the bk paperwork came back to bite us. We had to handle this now. So we are now on our FOURTH extension, discussing something that was originally discovers the first week and we were told was not a problem. Then our rep gets in an "accident" so we are now dealing with the manager. We Also find out we will have to file the FIFTH extension, which they will it pay for but costs us almost another $900! WE took care of that, to avoid having to wait for them. We told them that day it would be 2 weeks. We close that, and they have done NOTHING to get it moving again. They needed the paperwork. So we send that to them on Friday, during business hours, for the second time because the attorney sent it to them as well. Monday was a holiday, Tuesday we call and email. I get an email back again asking for that paperwork. I send it a third time, and am told great, should close Wednesday since everything else is "done." Wednesday keep emailing and calling, all day. Re sending paperwork they have, but at least it's moving. Then... Nothing! Call customer care at 5:00 and reach the officers manager again to be told all looks good, we will call you in the morning to close tomorrow, we requested 12:00, she assured us that should be doable. Once we heard fro The closer, they advise they can't do that, so we agree on 8 pm. Bat 6:30 I happen to check my email to find an email for the manager asking for current credit card statements, which ones were not listed though. Ok.... I'm on the road, so I ask her if which ones, and if it can wait until I get home. I specifically ask if this will effect our closing since this is so last minute. She sends me the list, no other replace sw. I send her 4 more emails in the next hour asking if we are closing... I call the main line, customer care, and every other number we can find all with no answers. I have the email confirming the closing for tonight at 8 pm, and here it is 11:30 and no show still. Yes, I know they won't be here, and I am still hoping for tomorrow, but I'm so me I know I can't sleep. Please, save yourself the stress, sleepless night and frustration and take your business elsewhere. We started this June 16 and STILL have not closed, and can not get an explanation why.

By: Donna (Littleton, CO)

Owner

Yes, I recommend this lender

Overall experience was one of complete pleasure. Any delay in the process was caused by me and at that, it was only a month.

By: Haydee (Marietta, GA)
See All Reviews
15 Years Fixed
eLEND (71)
APR
2.908%
Interest Rate
2.375%
Mo. Payment
$1,543
(855) 982-3216 Contact
eLEND
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 $1,488
Estimated Mortgage Insurance Payments $55
Total Monthly Mortgage Payment $1,543
Lender Fees $3,809
Lender Credit $0
Total Closing Fees* $3,809
*Other 3rd party fees may apply
eLEND
Email Lender

About the Lender

eLEND provides residential mortgage financing directly to potential home buyers and existing homeowners through a robust online platform built to simplify the lending process. Our mortgage technology solutions help thousands of families every year achieve their home financing goals. We offer Conventional, FHA, VA, USDA, Jumbo, and Renovation financing programs with exceptional rates and service. A division of American Financial Resources, Inc., eLEND is backed by over 18 years of industry success. Our expert Mortgage Loan Originators will help connect you with the ideal financing solution to achieve your specific goals. Contact us today for a free rate quote or e-Approval.

Lender Reviews

Wade

After giving them papers directly from the IRS , after having to show divorce papers from 14yrs. Ago, having to get an itemized list of whom was filled on my bankruptcy, let's see what else phone numbers of ex employer from two years ago not the same year, personal reference?????please tell me how showing papers off an old divorce is when relevant? What about a bankruptcy that is 8yrs. Old, is it going to end it's been since December 3, 2015

By: Keri (Gibsonton, FL)

very rude

Stephen Pullen contacted us and he was extremely rude. He kept interrupting me and talking over me. Completely uninterested in what our needs were. We tried back in October to use them and no call backs. Very poor customer service

By: karen (Hinesville, GA)

good

Yes, I recommend this lender

Good

By: Arlen (Mukilteo, WA)
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.