Mortgage Affordability Calculator

Income Details

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$

Car loans, student loans, credit cards, etc.

Loan Details

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%

Additional Costs (Monthly)

$
$
$
$

Debt-to-Income Ratios

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%

Standard limits: 28% housing, 36% total debt. FHA allows up to 31%/43%.

You Can Afford

$0

Maximum Home Price

Loan Amount
$0
Monthly Payment
$0
Down Payment %
0%

Monthly Payment Breakdown

Your Debt-to-Income Ratios

Front-End Ratio (Housing)0%
Back-End Ratio (Total Debt)0%

Loan Summary

Total of Payments$0
Total Interest Paid$0
Payoff Date--

Disclaimer: This calculator provides estimates for informational purposes only. Actual loan terms, rates, and approval depend on your credit score, lender requirements, and other factors. Consult a qualified mortgage professional before making financial decisions.

💡 Tip of the Day

Use tax calculators for early planning.

What is Mortgage Affordability Calculator

Mortgage Affordability Calculator helps you estimate a realistic home price, monthly payment, and debt-to-income (DTI) impact before you start shopping. Wondering how far your income and down payment will take you - and what happens when you add taxes, insurance, HOA, or PMI? The free Mortgage Affordability Calculator by FlexiTools.io brings it all together: income and debts, loan details, extra monthly costs, front-/back-end DTI limits, and a clear payment breakdown. In the next 60 seconds, you can enter your numbers, click Calculate Affordability, and see a maximum home price with loan amount, monthly payment, DTI gauges, and payoff timeline.

How to Use Our Mortgage Affordability Calculator

  1. Enter income and debts
  • Add your Annual Gross Income and Monthly Debt Payments (car, student loans, credit cards).
  1. Set loan details
  • Enter your Down Payment, Interest Rate, and choose a Loan Term (10–30 years). The tool shows the resulting loan amount and down payment percent.
  1. Include monthly housing costs
  • Add Property Tax, Home Insurance, plus HOA or PMI if needed. These are part of your housing payment and affect affordability.
  1. Adjust DTI limits and calculate
  • Leave Front-End (housing) and Back-End (total) ratios at common limits (28%/36%) or edit them. Click Calculate Affordability to see the maximum home price, monthly payment breakdown, DTI bars, and loan summary. Use Reset to start fresh.

Why FlexiTools.io Offers the Best Mortgage Affordability Calculator

Full picture of housing costs

Principal and interest are just the start. Taxes, insurance, HOA, and PMI are built into the monthly estimate so you’re not surprised later.

DTI-aware estimates

Enter your income and debts and see front-end and back-end DTI gauges compared to your chosen limits, including FHA-like guidance (31%/43%).

Clear, readable results

At a glance: maximum home price, loan amount, monthly payment, down payment percent, payment breakdown bars, total of payments, total interest, and payoff date.

Fast, private, in-browser

Try different rates, terms, or down payments quickly. Helpful status messages confirm each action.

FlexiTools.io vs typical alternatives

  • FlexiTools.io: Includes taxes, insurance, HOA, PMI - Alternatives: Principal/interest only
  • FlexiTools.io: Front-/back-end DTI bars with limits - Alternatives: No DTI context
  • FlexiTools.io: Loan summary with totals and payoff date - Alternatives: Minimal output
  • FlexiTools.io: Simple Calculate/Reset flow - Alternatives: Multi-step setups

A Deeper Look at Affordability, DTI, and Monthly Payments

Front-end vs back-end DTI

Lenders look at two ratios:

  • Front-end (housing) DTI: (Total housing payment ÷ gross monthly income) × 100. “Total housing payment” includes principal, interest, property tax, insurance, HOA, and PMI.
  • Back-end (total) DTI: ((Housing payment + other monthly debts) ÷ gross monthly income) × 100.

Typical limits are 28% for housing and 36% for total debt. FHA often allows up to 31%/43%. This tool lets you test both. If your front-end ratio is fine but back-end is high, monthly debts may be the bottleneck. If back-end looks good but front-end is high, property taxes, insurance, or HOA might be pushing the housing payment above comfort.

How monthly payment is built

Your mortgage payment has two parts:

  • Principal and interest - calculated from loan amount, interest rate, and term with the standard amortization formula.
  • Escrows and fees - property tax, home insurance, HOA, and PMI added as monthly amounts.

Changing any piece shifts affordability. A lower rate or longer term reduces principal-and-interest, while higher taxes or HOA raise the total. A larger down payment reduces the loan amount and can eliminate PMI, which often improves both DTI ratios.

Finding the maximum home price

The estimate balances your inputs with the DTI limits you set:

  • It computes principal-and-interest for a given loan amount and adds your monthly costs (tax, insurance, HOA, PMI).
  • It compares the total housing payment to your front-end DTI limit, and the total (housing + debts) to your back-end limit.
  • It finds a home price (down payment + loan amount) that fits both caps, and displays the maximum.

Because taxes, insurance, and fees vary by location and property, the sliders here matter. A small change in property tax can shift the “You Can Afford” number more than you expect. That’s why the results include a payment breakdown bar and legend, so you can quickly see which portion is driving the total.

Interest rate, term, and their trade-offs

  • Interest rate: A 0.5% rate change can move your monthly payment noticeably. Testing a range helps you plan.
  • Term: A longer term (30 years) lowers the monthly payment but increases total interest paid. A shorter term raises the payment but reduces total interest and speeds up payoff.

The Loan Summary shows Total of Payments, Total Interest Paid, and Payoff Date for the term you select. Want a reality check? Try a 30-year and a 15-year term with the same rate and compare total interest. You’ll get a sense of the cost of time. For how numbers are displayed in currency format, most modern apps use internationalization features - see MDN’s guide to number and currency formatting for a quick overview.

Down payment and PMI

Down payment affects both the loan amount and PMI. On many loans, PMI applies when down payment is below a set percent. Adding a bit to your down payment can remove PMI, lowering the housing payment and improving DTI. The calculator reports your down payment as a percent so you can see where you stand.

Example scenario

Suppose your gross income is $75,000/year (~$6,250/month). You pay $500/month on other debts. You plan a $50,000 down payment, estimate taxes at $250 and insurance at $100 monthly, and see no HOA or PMI. With a 6.5% rate and a 30-year term, you click Calculate Affordability. You’ll get:

  • Maximum Home Price and the matching Loan Amount
  • Monthly Payment with a breakdown bar for principal/interest, tax, and insurance
  • Down Payment %
  • Front-/Back-end DTI bars compared to your chosen limits
  • Loan Summary with total of payments, total interest, and a payoff date

Change the rate to see the effect on payment and DTI; adjust taxes or add HOA to test different properties.

Editorial note: This guide used AI assistance and was reviewed by a human for accuracy and clarity.

Pro-Tips for Getting the Most Out of Your Estimate

  • Test one change at a time - rate, term, down payment, or taxes - to see what moves affordability most.
  • Keep an eye on back-end DTI. If it’s the limiter, paying down a car or card may unlock more room than changing term alone.
  • Include realistic taxes and insurance for your area; these often drive the gap between a hopeful budget and a workable payment.
How accurate is the “You Can Afford” number?
It’s an estimate based on your income, debts, down payment, rate, term, and monthly costs against the DTI limits you set. Actual approval depends on credit, property, and lender rules. Use the result as a planning guide, then confirm with a mortgage professional.
What’s included in the monthly payment breakdown?
Principal and interest from the loan calculation plus your monthly Property Tax, Home Insurance, and any HOA or PMI you entered. Seeing these as separate pieces helps you spot which item is driving your total.
Why do I see two DTI bars?
One bar shows your front-end (housing) ratio; the other shows back-end (total debt) ratio. Both are compared to the limits you chose. If either bar exceeds its limit, you may need to lower the purchase price, raise the down payment, reduce debts, or adjust costs.
Does PMI apply in this calculator?
Yes. If you enter a monthly PMI amount, it’s added to housing costs. Increasing down payment may remove the need for PMI, improving your DTI and monthly total. The calculator also shows your down payment percent so you can gauge PMI thresholds.