Home Affordability Calculator
Max Home Price: $425,000
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| Amount | Percentage | |
| Income Analysis | Monthly | % of Income |
| Gross Monthly Income | $7,083 | 100% |
| Other Income | $0 | 0% |
| Total Monthly Income | $7,083 | 100% |
| Debt Analysis | Monthly | % of Income |
| Existing Debts | $1,080 | 15.2% |
| Max Housing Payment | $1,969 | 27.8% |
| Total DTI Ratio | $3,049 | 43.0% |
| Home Purchase Details | Amount | Details |
| Maximum Home Price | $425,000 | Based on DTI |
| Down Payment | $60,000 | 14.1% |
| Loan Amount | $365,000 | 85.9% |
| Monthly Payment Breakdown | Amount | % of Payment |
| Principal & Interest | $2,430 | 82.5% |
| Property Tax | $425 | 14.4% |
| Home Insurance | $100 | 3.4% |
| PMI | $177 | 6.0% |
| HOA Fees | $150 | 5.1% |
| Total Monthly Payment | $3,282 | 100% |
| Affordability Rating | Status | Rating |
| DTI Ratio | 43.0% | Good |
| Housing Ratio | 27.8% | Excellent |
| Down Payment | 14.1% | Requires PMI |
Affordability Analysis
Affordability Scenarios
| Scenario | Max Price | Monthly Payment | DTI Ratio |
|---|---|---|---|
| Conservative (25% DTI) | $350,000 | $1,771 | 25.0% |
| Moderate (28% DTI) | $425,000 | $1,969 | 27.8% |
| Aggressive (36% DTI) | $500,000 | $2,549 | 36.0% |
| Maximum (43% DTI) | $575,000 | $3,049 | 43.0% |
Down Payment Impact
| Down Payment | Loan Amount | PMI | Monthly Payment |
|---|---|---|---|
| 5% ($21,250) | $403,750 | $168 | $2,857 |
| 10% ($42,500) | $382,500 | $159 | $2,714 |
| 14.1% ($60,000) | $365,000 | $152 | $2,582 |
| 20% ($85,000) | $340,000 | $0 | $2,410 |
Affordability Tips
🏠 Good Affordability
Based on your $85,000 annual income and $1,080 monthly debts, you can afford a home up to $425,000 with a 27.8% housing ratio. Your 14.1% down payment requires PMI of $152/month. Consider saving for 20% down ($85,000) to eliminate PMI and reduce monthly payments to $2,410.
Based on your $85,000 annual income and $1,080 monthly debts, you can afford a home up to $425,000 with a 27.8% housing ratio. Your 14.1% down payment requires PMI of $152/month. Consider saving for 20% down ($85,000) to eliminate PMI and reduce monthly payments to $2,410.
Note: Calculations are estimates based on standard lending guidelines. Actual loan approval depends on credit score, employment history, and lender-specific criteria. Consider additional costs like maintenance, utilities, and closing costs.