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Mortgage calculators.
Two tools to frame the conversation: what a home costs per month, and what price range your income supports.
Monthly payment calculator.
Includes principal, interest, property tax, insurance, PMI and HOA dues.
Example rate only, not a rate quote or offer. PMI estimated at 0.55% of the loan per year. Your actual payment depends on credit, program, property and lender.
How much home can I afford?
Lenders look at your debt-to-income ratio (DTI). Choose how much of your income you're comfortable putting toward debt.
Estimate uses a 30-year fixed example rate and approximates taxes and insurance at 0.18% of price per month. Housing is capped at 31% of income. Not a pre-approval or commitment to lend.
Front-end ratio
Your housing payment divided by gross monthly income. Many lenders like this under about 28–31%.
Back-end ratio
All monthly debts, including the new mortgage, divided by income. Often capped at 43–50% depending on program.
Reserves
Savings left after closing. Some programs require two or more months of payments in reserve.
Know what you can afford before you fall for a house.
A pre-approval takes about 20 minutes and makes your offer stronger.