<< Back to Home

Mortgage Affordability Calculator: Find Out How Much You Can Borrow

mortgage affordability calculator

Find how much you can borrow by moving the sliders.

Mortgage Affordability Calculator Help

If you know how much you want to spend each month on a mortgage, this mortgage affordability calculator will show you how much you can borrow. It does not include items like mortgage insurance, HOA fees or taxes. This is a simple, easy-to-use mortgage calculator meant to kickstart your home loan journey.

Mortgage Affordability Calculator Inputs

Monthly Payments

This is the monthly principal and interest you wish to pay each month, excluding any additional costs like mortgage insurance. By indicating what you can pay — or afford each month — the calculator will output a corresponding loan amount.

Interest Rate

Interest rates also affect final loan amount. Just apply current market rates to the calculator. However, you should know that your credit score and other variables (like the type of mortgage) will also determine the final interest rate available to you.


A mortgage term is the length of time it takes to pay off a mortgage, in years. Most loans (about 85% of them) are 30-year mortgages. Some folks prefer a 15-year mortgage in order to pay off the loan faster. Plus, 15-year mortgages have slightly lower interest rates. Since mortgage payments are paid monthly, a 30-year term would require 360 total payments (30 x 12 = 360). A 15-year term would have 180 payments (15 x 12 = 180).

Mortgage Affordability Calculator Outputs

You Could Borrow

This is the total loan amount you could borrow based on the affordability calculator inputs described above.

Total Cost of Mortgage

The total cost of a mortgage combines the principal and the interest paid over time. Meaning, it’s the “all-in” cost if you carry the mortgage to term.