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The Mortgage Group®

Mortgage Affordability Calculator

This calculator can help you determine how much you can afford to spend on a house.

We follow the same guidelines lenders and brokers use to determine the maximum mortgage you can qualify for. We recommend experimenting with different mortgage rates, monthly obligations, and credit scenarios, as these have a large effect on how much you can afford.


How much can I afford?

Your finances:
Combined monthly income:
Down payment available:
How's your credit?
 
Mortgage term/rate:
Custom rate:
Amortization:
 
Level of property taxes:
Estimated heating costs: (Per month)
Monthly condo fees:
 
All other monthly obligations:
Consider these for monthly obligations: Credit card/line of credit payments, car lease/loan, alimony & child support, insurance.
 


How much can you afford?

Now is not the time

Unfortunately, given your current financial situation, now is not the time to buy a home.

And here's why:

The amount you can qualify for depends on your credit history and your ratios of debt to income (TDS and GDS ratios.) The normal maximum TDS & GDS ratios are 40% and 32% respectively, but for those with exceptional credit, the mortgage qualification process only looks at the TDS ratio, and relaxes it to as much as 44%.

For your convenience:

GDS Ratio: Your Gross Debt Service Ratio is your monthly housing costs (mortgage, heating, half of condo fees, property taxes) divided by your income.

TDS Ratio: Your Total Debt Service Ratio is all of your monthly obligations divided by your income.


How to improve your situation

You shouldn't be disappointed in this result, because the future holds many opportunities. If you eliminate some debts or improve your income, you will be shocked just how profound an effect this can have on your eligibility for a mortgage.

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