Purpose: For most people, their home is their most significant – and biggest – financial investment. Use this simple calculator to get an idea of how much house you can reasonably afford and to help identify the price range you should be considering when you’re looking at houses for sale. Plug in your numbers and see how much your monthly payment would be for varying amounts, interest rates and terms.
Tips & Insight: Your mortgage interest rate can have a big effect on your monthly mortgage payment. In fact, most first-time home buyers are pretty surprised when they learn how much their mortgage will cost in terms of interest over time. In recent years, interest rates have gone up and down – and up again – and lenders have introduced many different types of loans. This calculator will help you learn which alternatives are most affordable for your income level.