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:  
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We found these based on your results

30 Years Fixed
Consumer Direct Mortgage, a division of FirstBank (38)
Interest Rate
Mo. Payment
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
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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 $3,254
Lender Credit $0
Total Closing Fees* $3,254
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
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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

Consumer Direct Mortgage review

Yes, I recommend this lender

Best financing experience ever! My compliments to three individuals in particular, Stephen Spivey, Kimberly Sourant and Magen Dwojak. I could not be more pleased with the level of professionalism and promptness displayed by these individuals and their whole team. Great Product, great interest rate and great people!

By: Rick (Eureka, MO)

Happy with my Refinance

Yes, I recommend this lender

I was in need of a mortgage refinance and went on line to Lending Tree in order to get responses from multiple mortgage companies. ConsumerDirect Mortgage was one of the respondents. They had the most competitive rates and their closing cost were better than most as well. They were an excellent team of mortgage professionals led by Bill Hutto. if I am ever in need of another mortgage in the future I will certainly contact ConsumerDirect.

By: Bryan (Conway, SC)

Easiest Mortgage Ever

Yes, I recommend this lender

I worked with Phil Blasi Nate Piccone and Kate Janousek. Phil was invaluable with all the help he gave me. He was available day or night and encouraged questions and contact. I felt like he was there for me. Nate helped to complete all the docs and make sure the package was complete before it went to closing and was also available whenever needed, day or night. Kate handled the final wrap up and closing and wrapped it up quickly. The money was available immediately after the closing papers were faxed in and my lawyer and title agent remarked that it was one of the easiest closings that they had done. All in all, it was the best mortgage experience out of the eight or more that I have done.

By: WilliamNash (Pompano Beach, FL)
See All Reviews
15 Years Fixed

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:  
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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.