AFFORDABILITY CALCULATOR

See how much house you might be able to afford.

Provide some of your financial situation to see if you're looking in the right neighborhood, so to speak.

Provide some of your financial information

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    Question answer section

    Question

    How much do I need for a down payment?

    Answer
    Your down payment requirements may depend on your lender, the type of home loan you choose and the type of property you are buying. Your required down payment can range anywhere from 3%-20% of the home's purchase price. Lenders offer a variety of different loan programs, including low down payment options. Each loan program has different rules regarding the down payment required. Down payments can also vary by the amount you want to borrow, as well as factors like credit history.

    It looks like you may be able to afford a home worth about 386,405 for a payment of about 1,300per month

    $376,405 loan amount

    With a monthly payment of 1,300

    10,000 2.6%

    Down payment

    What does this possibly mean for me?

    Based on your income, expenses, and the loan you selected, the amount above represents the most you will likely be comfortably able to pay for a home. This assumes that your total costs for your loan payments (principal and interest), taxes, and insurance should not be higher than 45% of your monthly income. Also, remember that you'll have additional homeownership costs that you may need to factor into your monthly budget, including insurance, association fees, and maintenance expenses. Mortgage insurance expenses—which you may have to pay if your down payment is less than 20%—are not included in this calculation. We suggest that all buyers get pre-qualified or pre-approved prior to starting their new home search.

    You selected an adjustable rate mortgage or ARM. Based on your income, expenses, and the loan you selected, the amount above represents the most you can comfortably afford to pay for a home*. This assumes that your total costs for your loan payments (principal and interest), taxes, and insurance should not be higher than 45%. Also, remember that you'll have additional homeownership costs that you may need to factor into your monthly budget, including insurance, association fees, and maintenance expenses. Mortgage insurance expenses—which you may have to pay if your downpayment is less than 20%—are not included in this calculation. We suggest that for all buyers to get pre-qualified prior to starting their new home search.

    * The information above is based on the interest rate during the fixed rate period of the ARM you selected. For example, for a 5/1 ARM, the fixed rate period is 5 years, or 60 months. After the fixed rate period, your payment may change based on the change in the index used to calculate your interest rate.

    Questions? Give us a call at 1-855-361-3435.

    We're here Monday through Friday 8am–10pm ET. Or you can share a little about yourself and we'll get back to you with a no-obligation quote.