Mortgage planning tools
Plan your mortgage with confidence
Estimate payments, understand affordability, compare refinancing options, and explore your loan payoff — with every assumption on screen and nothing presented as a quote.
Affordability calculator
Work backwards from what the usual ratios allow to a purchase price.
Before tax, for everyone who will be on the loan.
Car loans, student loans, credit card minimums, child support.
Your own figure. We do not quote rates here.
Housing costs, then housing plus all other debt. Limits vary by program and lender.
A percentage, because the tax bill moves with the price. Florida counties commonly fall near 1%–1.5%.
Estimated maximum purchase price $507,994, with a monthly housing cost of $3,500. Front-end ratio 28.0%, back-end ratio 32.8%.
Estimated maximum purchase price
$507,994
Monthly housing cost
$3,500
Loan amount
$417,994
Front / back DTI
28% / 33%
Price against monthly payment
Monthly payment at a range of purchase prices. At your maximum of $507,994, the payment is $3,500.
Bars past your maximum are greyed. Each includes taxes, insurance and dues, not just principal and interest.
Affordability by interest rate
Maximum purchase price across a range of interest rates, from 4.5% to 8.5%. At your rate of 6.5%, the maximum is $507,994.
The same income and debts at different rates. This is the single input that moves the answer most.
How this number was reached
The two ratios behind the answer.
- Monthly gross income
- $12,500
- Front-end limit (28%)
- $3,500
- Back-end limit (36%) less debts
- $3,900
- Binding constraint
- Front-end ratio
Ratio limits differ by program, by lender and by the rest of a file — credit, reserves, employment history. These are common starting points, not rules that apply to everyone.
What this leaves out
Affordable on paper is not the same as comfortable.
- Closing costs, which are separate from the down payment and are usually two to five percent of the price.
- Reserves after closing. Many programs require them, and running the account to zero is how a good file becomes a fragile one.
- Maintenance, utilities and furnishing — none of which appear in a debt-to-income ratio.
- Mortgage insurance, which commonly applies below twenty percent equity and is not included above.
- Whether a lender will actually approve the file, which turns on credit, documentation and the property itself.
Helpful resources
Plain explanations of what these numbers mean.
An estimate, not an offer
Every figure on this page is arithmetic on numbers you entered. It is not a quote, a rate lock, a pre-approval, a loan offer, or a statement that you qualify for anything. Real terms depend on a full application, your credit and documentation, the property, and pricing on the day a rate is locked. Property taxes, insurance and association dues are your assumptions, not amounts quoted by anyone.
Where this leads
What changes what you can borrow
A borrowing figure is a function of income, existing debts and the cash you bring. Each of those is counted differently depending on the program and on how your income is earned.
First-time homebuyer financing
There is no single "first-time homebuyer loan." The term describes a borrower, not a product, and it unlocks certain assistance programs rather than a particular mortgage.
Read moreUSDA loans
USDA Rural Development guaranteed loans allow eligible buyers to purchase in designated areas with no down payment. Eligibility has two separate tests: the property's location and the household's income.
Read moreVA loans
A VA loan is made by a private lender and guaranteed in part by the U.S. Department of Veterans Affairs. For eligible service members, veterans and certain surviving spouses it is often the strongest option available, with no down payment required on many purchases and no monthly mortgage insurance.
Read more
Terms used on this page
Also on this site
Numbers only go so far. If you want these checked against your own situation, that conversation starts here — no documents at this stage.
Homebuyers: start a conversation