The first key aspect of the home-buying process
The first key aspect of the home-buying process is determining what you can afford. While mortgage lenders can prequalify you, affordability calculators give you a general idea of how much they might loan you.
Simply enter your down payment amount, gross monthly income, any required regular monthly payments, and modify the loan terms from 15-, 25-, and 30-year mortgages to determine how much loan you can afford. The affordability calculator will give you both conservative and aggressive loan estimates when you enter this information. But bear in mind that these estimations from the affordability calculator should only be used as a broad reference. Homebuyers should consider a wide range of other criteria before making a final decision. You can start searching for properties in that price range once you have a reliable estimate of how much mortgage you can commit to.
To find out how much property you can afford, enter your monthly household income, down payment, monthly costs, and interest rate.