House Affordability Calculator

🏡 House Affordability Calculator

Monthly Income ($) Monthly Debts ($) Down Payment ($) Loan Term (years) Interest Rate (%)

Enter your details above, then click Calculate.

 

Calculator for House Affordability Based on your income, expenses, and other financial factors, you can use this simple tool to figure out how much house you can afford.  Enter Your Information: Gross Income Per Month Before Taxes: ₹

 Payments for Credit Cards, Loans, and Other Types of Debt: ₹

 The amount of the down payment: Loan Duration in Years: (e.g., 20, 25, 30)

 Rate of Expected Interest (%): %

 Estimated Yearly Property Taxes: ₹

 Home insurance (estimated annually): ₹

 Cost-effectiveness calculation: Maximum Monthly Mortgage Payment (28 percent Rule): (Your Income – 0.28) – Your Outstanding Debts = _ The total amount you can afford to borrow: Based on the term and interest rate, = The total cost of the house, including the down payment, that you can afford: The sum of the loan and down payment is _.  Notes:

 According to the “28% Rule,” you should not spend more than 28% of your gross income on housing.  The 36 percent Rule stipulates that total debts, including mortgage debt, should not exceed 36 percent of income.