How much home can you afford?
Work out a price range from your income and debts, see how the rate changes it, and find the income a target price needs.
01Income & debts
02Loan & costs
03Ratio limits
04Income needed for a target price
▦Maximum mortgage at nearby rates
| Rate | Max price | Max loan | P&I payment |
|---|---|---|---|
| 5.500% | $394,751 | $354,751 | $2,014.24 |
| 6.000% | $378,927 | $338,927 | $2,032.04 |
| 6.500% | $364,125 | $324,125 | $2,048.69 |
| 7.000% | $350,276 | $310,276 | $2,064.27 |
| 7.500% | $337,313 | $297,313 | $2,078.86 |
Income, debts and down payment stay the same; only the rate changes.
ƒHow this is calculated
- Housing budget = the lower of (income × housing ratio) and (income × total debt ratio − other debts), using gross monthly income.
- Max price is solved so that principal & interest + taxes + insurance + HOA + PMI equals the budget.
- Income needed = the higher of (payment ÷ housing ratio) and ((payment + debts) ÷ total ratio), × 12.
- Actual approvals depend on credit, reserves, loan program and automated underwriting, and many approved loans exceed 28/36.
Estimates for illustration only. This is not a loan offer, rate quote, or commitment to lend. Results come only from the numbers entered above. Interest rates are examples you supply, not advertised rates, so check current rates before deciding. Fee schedules and limits shown are published figures that can change.
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect CrossCountry Mortgage, LLC product terms. The information cannot be used by CrossCountry Mortgage, LLC to determine a customer’s eligibility for a specific product or service.
Austin Gerimonte, NMLS #2277430 · CrossCountry Mortgage, LLC NMLS #3029 · Equal Housing Lender · NMLSConsumerAccess.org