How much home can you afford?

Use our Mortgage Calculator to figure out any loan amount you'd like.

Savings and Financing Calculators - Use these fast & easy (not to mention, free!) online calculators to figure out more about your financial situation.

Frequently asked questions about financing - Here's a short list of some frequently asked questions regarding financing your new home.

Before you start shopping for a home, you need to know what price range of home to shop for.

Fortunately, there's a pretty simple formula for coming up with this number. It's the Federal Housing Administration (FHA) formula that many mortgage lenders use. The FHA has found that most people can afford to budget a 31% of their gross monthly income to housing expenses, and 43% for housing and total debt.

We've done the math for you-

This first chart tells you how much 31% of your monthly income is. Find your annual income, or a figure close to it, in the column at the left. Then read across to find how much your monthly gross income is, and finally, what 31% of that figure amounts to. This is approximately how much you can spend on total housing costs each month.

Annual Gross Income	Monthly Gross Income	31% of Gross Income
35,000	2,917	904.27
40,000	3,333	1033.2
45,000	3,750	1162.5
50,000	4,167	1291.8
60,000	5,000	1550
70,000	5,833	1808.2
80,000	6,667	2066.8
100,000	8,333	2583.2

This second chart tells you how much your monthly mortgage might be based on a home's selling price. The monthly figure from this second chart is based on a 30-year fixed mortgage and includes monthly principal and interest payments only. Taxes and insurance - which vary from community to community - are not included.

Cost	6%	6.5%	7%	7.5%	8%	8.5%	9%	9.5%	10%
$ 90,000	540	569	599	629	660	692	724	757	790
$ 100,000	600	632	665	699	734	769	805	841	878
$ 110,000	660	695	732	769	807	846	885	925	965
$ 120,000	719	758	798	839	880	923	966	1009	1053
$ 130,000	780	822	865	909	954	1000	1046	1093	1141
$ 140,000	839	885	931	979	1027	1076	1126	1177	1229
$ 150,000	899	948	998	1049	1101	1153	1207	1261	1316
$ 160,000	959	1011	1064	1119	1174	1230	1287	1345	1404
$ 170,000	1019	1075	1131	1189	1247	1307	1368	1429	1492