Affordability Mortgage Calculator

Calculate your Purchase Amount and review your loan options.

Frequently Asked Questions

How do you calculate the home price I can afford?

We estimate the maximum home price you may be able to afford based on the income, monthly debts, estimated taxes, insurance, down payment, and credit profile you provide. This calculation uses current market assumptions and typical lending guidelines to estimate a potential purchase range.

NOTE: The results from this calculator are estimates for illustrative purposes only. Final loan approval, loan amount, and terms are subject to credit approval, verification of income and assets, property eligibility, and underwriting guidelines.

Is this a loan approval or prequalification?

No. This calculator provides an estimate only and is not a loan approval or prequalification. To determine what you qualify for, you must complete a full mortgage application and provide documentation for review.

How do lenders determine how much I can afford?

Lenders evaluate your debt-to-income (DTI) ratio, which compares your total monthly debt payments to your gross monthly income. Staying within allowable DTI limits helps determine the maximum mortgage payment you may qualify for.

Higher income, lower debt, stronger credit, and a larger down payment may increase your affordability.

How do I calculate my monthly debt?

Include all recurring monthly obligations such as auto loans, student loans, minimum credit card payments, personal loans, and any other installment or revolving debts. Do not include household expenses such as utilities, groceries, or phone bills.

Accurately including all debts will help produce a more realistic affordability estimate.

How much do I need for a down payment and closing costs?

Minimum down payment requirements vary by loan program. Some programs allow as little as 3% down, FHA loans typically require 3.5%, and VA loans may allow no down payment for eligible borrowers.

Closing costs generally range from 2% to 5% of the loan amount and may vary based on the loan program, property, and location.

Where do I get the estimated property tax amount?

Property taxes vary by county and property value. You can estimate taxes by reviewing county property appraiser records or similar homes in the area.

In Florida, property taxes are often estimated around 1.0%–1.2% of the home value, but actual amounts may vary.

Where do I get the homeowners insurance estimate?

Homeowners insurance premiums vary based on location, property type, and coverage. In Florida, costs can vary widely depending on risk factors such as proximity to water and property characteristics.

For the most accurate estimate, consider obtaining a quote from a licensed insurance provider.

How much should I spend on a home?

The amount you should spend depends on your financial goals, comfort level, and overall budget. Even if you qualify for a certain amount, you may choose a lower payment to maintain flexibility for other financial priorities.

How do I calculate my monthly mortgage payment?

Once you have an estimated home price, you can use our Purchase Mortgage Calculator to estimate your monthly payment based on current rates, loan terms, and down payment.

Why do you need to know the Florida county?

Loan limits and program eligibility can vary by county. We use the county to estimate available loan options and determine applicable loan limits for your area.