Before you buy a home, it’s important to determine just how much home you can afford. You’ll need to figure out both how much of a down payment you’ll need to avoid PMI as well as how much you can afford per month to pay off the mortgage.
Our mortgage affordability calculator can help you to determine exactly how much mortgage you can afford.
You can click here to download our mortgage affordability calculator – but be sure to watch the tutorial video below before you start using it! The mortgage affordability calculator is on the first tab of the spreadsheet, which includes all four of our mortgage calculators: mortgage affordability, mortgage comparison, mortgage payoff, and refinance comparison.
This video shows you how to use the mortgage affordability calculator to estimate how much house you can afford based on your household monthly take-home pay, as well as how much you’ll pay over the lifespan of the mortgage.
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