HomeWise Affordability Calculator

HomeWise Calculator | Mortgage & Home Affordability Analysis

Calculate your mortgage payments, estimate home affordability, and plan your home purchase with confidence

Your Financial Information

Home Price ($)

Down Payment ($)

20%

Loan Term (Years)

Interest Rate (%)

Annual Income ($)

Monthly Debts ($)

Property Tax ($/year)

Insurance ($/year)

Your Home Affordability

Enter your financial information and click “Calculate Affordability” to see your results

Payment Breakdown & Analysis

Home Buying Guidance

Understanding Your Results

Our calculator helps you understand what you can afford based on your income, debts, and current market conditions. The results provide estimates for planning purposes.

Key Metrics Explained

Monthly Payment: Principal, interest, taxes, and insurance (PITI)
Loan-to-Value (LTV): Your loan amount divided by the home value
Debt-to-Income (DTI): Your monthly debt payments divided by gross monthly income
Total Interest Paid: The cost of borrowing over the loan term

Home Buying Tips

Aim for a down payment of at least 20% to avoid PMI
Keep your total housing costs below 28% of gross income
Maintain a debt-to-income ratio below 36%
Consider all homeownership costs (maintenance, utilities, etc.)
Get pre-approved before house hunting

Next Steps

Check your credit score and report
Save for additional closing costs (2-5% of home price)
Research mortgage lenders and loan options
Connect with a real estate agent

Disclaimer: This calculator provides estimates for educational and planning purposes. Results are based on the information you provide and current market assumptions. Actual loan terms, interest rates, and payments may vary. Consult with a qualified mortgage professional for personalized advice.