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
BNC National Bank (71)
APR
3.750%
Interest Rate
3.250%
Mo. Payment
$1,057
(855) 782-2865 Contact
BNC National Bank
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 $77
Total Monthly Mortgage Payment $1,057
Lender Fees $3,650
Lender Credit $0
Total Closing Fees* $3,650
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews
First Internet Bank (13)
APR
3.769%
Interest Rate
3.250%
Mo. Payment
$1,057
(855) 637-1962 Contact
First Internet Bank
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 $77
Total Monthly Mortgage Payment $1,057
Lender Fees $4,170
Lender Credit $0
Total Closing Fees* $4,170
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!

Lender Reviews

Higly recommended

Yes, I recommend this lender

They are very professional, and respond fast to my questions. Great rate and fee. Save me a lot on mortgage.

By: Ying (Wilmington, NC)

Quick Responders

Yes, I recommend this lender

Greg and his team were always quick to respond to my requests and answered every question with accuracy. Refinancing my home via email and online was easier than the times I've done it in person.

By: JJ (Eagle Mountain, UT)

Simply a great lender

Yes, I recommend this lender

Great folks to work with. They got me the best rate and did not waste my time. Very efficient and professional. Michael McCarthy was a real pleasure to deal with, and the rest of the team as well.

By: Phil (Lawrenceville, GA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank (32)
APR
3.811%
Interest Rate
3.375%
Mo. Payment
$1,072
(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 $995
Estimated Mortgage Insurance Payments $77
Total Monthly Mortgage Payment $1,072
Lender Fees $1,940
Lender Credit $0
Total Closing Fees* $1,940
*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

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
15 Years Fixed
eRates Mortgage (15)
APR
2.907%
Interest Rate
2.500%
Mo. Payment
$1,541
(844) 334-6118 Contact
eRates Mortgage
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 45 Days
Down Payment $25,000
Principal and Interest Payments $1,501
Estimated Mortgage Insurance Payments $40
Total Monthly Mortgage Payment $1,541
Lender Fees $3,094
Lender Credit $0
Total Closing Fees* $3,094
*Other 3rd party fees may apply
eRates Mortgage
Email Lender

About the Lender

eRates Mortgage is a Direct Lender that has been delivering superior rates and exceptional customer services for over twenty years.  We have simplified mortgage shopping to make the process easy, transparent and hassle free.  By operating completely online, we pass our cost savings on to you, the consumer.  Contact us today for your free, no obligation rate quote.

Lender Reviews

Huge Disappointment

Loan Officer was full of empty promises that sound fantastic. But where the rubber met the road they failed to execute. U/W asked for docs they didn't need, then asked for others 3x (no one knew why). Loan processor would send e-mails when we'd call for clarification (NEVER EVER called us back). The loan docs were late and wrong, cost us days - yes days - to fix it at our expense - think running around getting docs re-notarized, then Fedex'd, then, sent to find another error. When we approached management, we were assured it would be fixed the same day (we called at 10:30AM N Carolina) and it wasn't fixed. We were over 21 days late in closing/funding/recording. No one called to say, "wow - we really blew it - how can we make it up to you." I'd suggest you get an attorney and have them review everything and put cost protections in for your family or go to another company. I really wish I had used another company - the pain and aggravation are not worth whatever they offer you. It was too good to be true.

By: Mike (Palm Desert, CA)

They left us hanging on the day of closing

The Mortgage Originator was very approachable, and provided timely updates. No issues with him. The Sr Loan Processor was pretty good too, until the very last day of Closing. On the day of closing, the attorney office, and I, were waiting for the loan documents to be sent to the attorney, when she went quiet. No updates, no reply to phone calls - nothing. They left me hanging! The buyer was getting agitated, the attorney office could not extent their Closing time...we took a lot of heat from every direction - on top of the fact that we were not sure if something went with the loan. This happened on a Friday. And come Monday - still no updates on why the original Closing date was NOT honored - just our signature to extend the dates in the contract, and the documents were sent to attorney. Very very unprofessional of them to not keep me updated. I WILL NOT recommend them to a friend. The whole experience left a bitter taste at the end.

By: Anonymous (Cary, NC)

Best offer and superior services

Yes, I recommend this lender

I recently closed on a home purchase with eRates. I am still surprised by the rate and quality of service I received from the eRates. I initially started a loan application with another internet bank and was happy with the service I received from the mortgage banker. However, the APR stated in the true faith estimate was not consistent with what was initially discussed so I decided to switch banks. I started my loan application with Trevor with less than four weeks left prior to closing. My friends, real estate agent and even my attorney doubted that there is enough time to complete the mortgage process and advised me to push the closing date. When I spoke with Trevor Banville, he assured me that the process usually takes three weeks and I should be able to close without any problem. Amazingly, I got the credit approval from underwriter a day shy of one week with appraisal contingency. Once the appraisal was received, they were able to provide me with loan commitment letter within 24 hours. I am truly grateful to eRates, particularly Trevor and Linh Nguyen. I can’t say enough about the quality of service I received from Linh. Linh was always a phone call or an email away. He was swift with his responses no matter how late I emailed him. There was no question in my mind that Linh was my advocate. It was clearly evident that Linh knew the mortgage underwriting process well. He helped me gather all the necessary documents prior to submitting for underwriting. As such, there was very limited follow-up from the underwriter. I strongly recommend eRates. I am glad I did not pay close attention to the negative reviews and went with my intuition. Obviously, responsibilities do not rest with the mortgage company alone. As an applicant, you must stay on top of all the requests to make the process smooth. You can’t expect great service if you are not playing your part. By the way, not only did I receive superior services but I got great rate. When I mentioned the detail of the rate offer to the other mortgage companies I contacted, they were surprised about the deal and were not able to match the offer. Thank you Trevor, Linh and all the eRates personnel that made my dream a reality! I look forward to working with you in the future.

By: Abiscoa (Marlboro, NJ)
See All Reviews
BNC National Bank (71)
APR
2.961%
Interest Rate
2.490%
Mo. Payment
$1,540
(855) 782-2865 Contact
BNC National Bank
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 $40
Total Monthly Mortgage Payment $1,540
Lender Fees $4,080
Lender Credit $0
Total Closing Fees* $4,080
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
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.