This is simple mortgage affordability calculator which helps you to calculate approximate mortgage value you can afford with your current income and monthly expenses.
Calculation results are approximations and for information purposes only.
All numbers are rounded off to the nearest integer.
Monthly income: monthly gross income, i.e. income before taxes including spousal or child support payments received.
Monthly home expenses: estimated monthly heating cost, property taxes, condominium fees.
Other monthly expenses: student loan, car load or lease, personal line of credit, credit card payments and other regular monthly payments.
Down payment: how much money you have saved for downpayment.
Rate: what mortgage interest rate you are expecting to pay.
Amortization: the actual number of years it will take to pay off the principal amount of a mortgage. You mortgage term can be 5 years, but amortization can take 25 or 30 years.
Also check this simple mortgage calculator.