Financial Calculators

Use the calculator below to determine the maximum purchase price you can afford.

Making sure that "ANNUAL INCOME" is selected (immediately to the right of Calculate based on:), input the appropriate figures for all fields which are NOT shaded. The two fields which ARE shaded, "Total monthly payment" and "Purchase price," are what the calculator will solve for to determine what you can afford. You can not input values into these fields.

Once you have input the appropriate figures for all the available fields, click on the "Calculate" button below the calculator. The shaded fields now display the total monthly payment and purchase price you can afford, based upon the information you have provided. You can also click on the "Report" button for a more in-depth, printable summary of what you can afford.

For further guidance, please refer to the definitions listed at the bottom of this page...

The calculator may take up to half a minute to load, but please sit tight... it's worth the wait!

Your annual income. For married couples this is your total combined annual income.

The price of the home you wish to purchase. This is the actual price you pay, not including any closing costs.

Total monthly payment

Total monthly payment that you can qualify for. This is the total of principle, interest, taxes and insurance paid each month. Often called PITI.

Cash you have for the downpayment and all closing costs.

The current interest rate you can receive on your mortgage.

The number of years over which you will repay this loan.

Property tax rate

Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.

Home insurance rate

Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per in for homeowners insurance.

Monthly car payment(s)

Total monthly payment for your car loan(s).

Credit card payments

Total monthly minimum payments for your credit cards.

Other loan payments

Any other installment loan payments, such as student loans or unsecured loans.

Total closing costs

Total up front costs to close your loan. This is the total of your loan origination fee, points paid and other closing costs.

Loan origination rate

The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000.

Number of points paid

The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance.

Other closing costs

Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other misc. fees paid.

Monthly PMI payment

Monthly cost of Principle Mortgage insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When your loan balance exceeds 20% of the original purchase price, your PMI payment drops to zero.

Monthly PI payment

Monthly principle and interest payment.

Total for downpayment

Total funds remaining, after closing costs, for downpayment.

Limit downpayment to 20%

Limit downpayment to 20% of the purchase price. Even if you have more cash on hand than required for closing costs and a 20% downpayment.

Show schedule by month

Display the payment schedule by month when you press the Payment Schedule button.

Show schedule by year

Display the payment schedule by year when you press the Payment Schedule button.

Total debt percent of annual income

Not shown. This is the percent of your annual income your financial institution allows you to use for installment payments debt. This includes car payments, credit card payments, other loan payments and your "Principle, Interest, Tax and Insurance" payment for your home. The default rate is 36%.

PITI percent of annual income

Not shown. This is the percent of your annual income your financial institution allows you to use for your "Principle, Interest, Tax and Insurance" payment for your home. The default rate is 28%.

Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principle, Interest, Tax and Insurance" for your home.



Annual income	Your annual income. For married couples this is your total combined annual income.
Purchase price	The price of the home you wish to purchase. This is the actual price you pay, not including any closing costs.
Total monthly payment	Total monthly payment that you can qualify for. This is the total of principle, interest, taxes and insurance paid each month. Often called PITI.
Cash on hand	Cash you have for the downpayment and all closing costs.
Interest rate	The current interest rate you can receive on your mortgage.
Term in years	The number of years over which you will repay this loan.
Property tax rate	Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.
Home insurance rate	Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per in for homeowners insurance.
Monthly car payment(s)	Total monthly payment for your car loan(s).
Credit card payments	Total monthly minimum payments for your credit cards.
Other loan payments	Any other installment loan payments, such as student loans or unsecured loans.
Total closing costs	Total up front costs to close your loan. This is the total of your loan origination fee, points paid and other closing costs.
Loan origination rate	The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000.
Number of points paid	The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance.
Other closing costs	Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other misc. fees paid.
Monthly PMI payment	Monthly cost of Principle Mortgage insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When your loan balance exceeds 20% of the original purchase price, your PMI payment drops to zero.
Monthly PI payment	Monthly principle and interest payment.
Total for downpayment	Total funds remaining, after closing costs, for downpayment.
Limit downpayment to 20%	Limit downpayment to 20% of the purchase price. Even if you have more cash on hand than required for closing costs and a 20% downpayment.
Show schedule by month	Display the payment schedule by month when you press the Payment Schedule button.
Show schedule by year	Display the payment schedule by year when you press the Payment Schedule button.
Total debt percent of annual income	Not shown. This is the percent of your annual income your financial institution allows you to use for installment payments debt. This includes car payments, credit card payments, other loan payments and your "Principle, Interest, Tax and Insurance" payment for your home. The default rate is 36%.
PITI percent of annual income	Not shown. This is the percent of your annual income your financial institution allows you to use for your "Principle, Interest, Tax and Insurance" payment for your home. The default rate is 28%.
Qualify amount	Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principle, Interest, Tax and Insurance" for your home.