What is the Home Affordability Calculator?
Before house hunting, know your budget. Lenders usually limit your total monthly debt payments to around 36–40% of gross income (and housing alone to ~28–30%). Enter your income, existing EMIs, savings for a down payment and the loan rate and term – the tool estimates the maximum home price and the monthly payment.
How to use the Home Affordability Calculator
- Enter monthly income and existing loan payments.
- Enter down payment savings, interest rate and term.
- Choose a comfort level and read your budget.
Tip
Keep an emergency fund of 3–6 months’ expenses separate from your down payment, and budget for registration, taxes and furnishing.
This Home Affordability Calculator is 100% free, needs no signup and runs privately in your browser – on phone, tablet or computer.
Last updated: · By NodifyTech