Estimate payment and affordability
Enter the price, down payment, and loan terms for the payment. Add your income and debts to check it against a debt-to-income guideline.
Enter your numbers to calculate.
Buyer calculators
Mortgage Affordability and Payment Calculator
Estimate the full monthly payment on a home, including principal, interest, taxes, and insurance, and check it against a debt-to-income guideline to see what you can comfortably afford. This is a planning tool, not lending advice.
Selling or buying soon
A calculator is a starting point. Get a full picture with a direct review of payoff, taxes, title, condition, and timing.
Payment and affordability
Affordability is about the monthly payment, not just the price. The full payment includes principal and interest plus property taxes, insurance, and any HOA. Lenders compare that payment, along with your other debts, to your income using a debt-to-income guideline. Knowing your comfortable payment first makes house hunting far less stressful.
How mortgage affordability works
Your monthly payment has four parts that lenders call PITI: principal, interest, taxes, and insurance, plus any homeowner association dues. The principal and interest depend on the loan amount, the rate, and the term, while taxes and insurance depend on the property. Add them together for the real monthly cost of owning.
Lenders then check that payment, along with your other monthly debts, against your gross income using a debt-to-income ratio, often around 43 percent. If the payment fits the guideline, the purchase is more likely to be approved, though credit, reserves, and documentation also matter. Use this tool to set a comfortable target before you shop, then confirm with a lender.
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Affordability FAQs
How much house can I afford?
A common guideline keeps your total monthly housing payment plus other debts at or under about 43 percent of your gross monthly income. This tool estimates the full payment and compares it to that guideline, but credit, reserves, and documentation also affect approval.
What is included in a mortgage payment?
The full payment, often called PITI, includes principal, interest, property taxes, and insurance, plus any homeowner association dues. Many buyers plan only for principal and interest and are surprised by the taxes and insurance.
What is debt-to-income ratio?
It is your total monthly debt payments, including the new housing payment, divided by your gross monthly income. Lenders use it to judge whether a payment is affordable, often looking for a ratio at or below about 43 percent.
Is this a loan approval?
No. It is a planning estimate. A lender provides a real preapproval after reviewing your income, credit, and documents. Use this tool to set a target before you shop.
This calculator is general information for Chicago-area owners, buyers, and investors. It is not legal, tax, lending, appraisal, or brokerage advice, and rates or rules can change. Verify figures with the appropriate professionals before money moves or documents are signed. Loan approval depends on credit, income, reserves, and documentation reviewed by a lender. This is not a preapproval or lending advice.