The Affordable House Calculator is designed to make it very easy to answer the question, "How much house can I afford?". It considers income, taxes, loan payments and maintenance. See "Help" for more details.
This calculator, while called an "Affordable House Calculator", can actually be used for determining the affordability of any building or property. This is a common trait of many financial calculators. They can be used for similar, though different, calculations. It can be confusing, but we're here to help. Just post your questions below.
C-Value!, A TVM Calculator for Windows
An extremely flexible time-value-of-money calculator for Windows computers.
- Loan or investment calculations.
- Cash flows can be regular or irregular
- Create and print schedules.
- Save your data to disk for later use.
Suitable for auditors, accountants, lawyers and you!
Affordable House Help
This calculator answers one of the most important personal finance questions that we ask ourselves — "How much house can I afford?".
Enter your annual income (before taxes) and the cash you have available. Then enter the interest rate you expect on a mortgage followed by the number of monthly payments you expect to make (360 for a 30 year mortgage, 180 for a 15 year mortgage). Enter the estimated annual taxes and insurance, the estimated annual total maintenance.
For the "Expressed as a percentage of your annual income, how much do you want to spend?" question, this relates to the amount entered for "Buyer's Annual Income?". If you entered $125,000 for income and you enter 33% for the amount of the income you are willing to devote to housing, then the calculator will assume $41,250 (33% of $125,000) will be the annual amount spent on housing to cover mortgage payments, taxes & insurance and maintenance.
Note that your "Monthly Mortgage Payment" may actually be higher due to the lender adding taxes and insurance costs to the amount they collect.