Buying a home is one of the most significant financial decisions you’ll make, and understanding your budget is crucial. Simply Approved Mortgages’ Home Affordability Calculator helps you determine how much house you can afford based on your income, expenses, and loan preferences. Start planning your dream home purchase today with confidence!
There’s more to it than a home price and mortgage payment.
Our calculator estimates what you can afford and what you could get prequalified for. Why? Affordability tells you how ready your budget is to be a homeowner. What you could get prequalified for helps you understand how ready you are to start shopping for a home.
For the home price you select, you’ll see your remaining budget. Of course it should cover basic necessities. It should also fit your life. Does it leave enough left over for savings goals, unexpected expenses (so you can avoid debt) and the things you like to do?
Calculator results include costs you might not have thought of. For example, closing costs can be 2 – 5% of a home’s price. Taxes and insurance also add to your mortgage payment. Understanding these numbers helps give you a more realistic idea of what’s affordable.
A Home Affordability Calculator is an easy-to-use tool that helps you estimate the price range of homes you can afford. It factors in:
This calculator provides personalized results to guide your home-buying decisions.
Disclaimer: Advertised rates and fees depend on borrower qualifications and market fluctuations.
Simply follow these steps to get an accurate estimate:
Enter Your Gross Monthly Income
Add Monthly Debt Payments
Enter Down Payment Amount
Adjust Loan Term and Interest Rate
Get Your Results
At Simply Approved Mortgages, we operate with a 1.5% fee, significantly below the industry standard. This ensures more savings for borrowers without compromising service quality.
Disclaimer: Simply Approved Mortgages complies with all state and federal licensing requirements that we are licensed in.
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Home affordability is determined by factors like income, debt, and creditworthiness. Here’s a breakdown:
Lenders use DTI to measure your ability to manage payments.
A larger down payment reduces the loan amount and may help you secure better terms.
Rates impact monthly payments and overall affordability. Lock in low rates to maximize buying power.
For buyers with limited savings, down payment assistance programs can make homeownership possible. Explore options like:
Learn more about these programs in our Down Payment Assistance Guide.
At Simply Approved Mortgages, we offer a wide range of mortgage products tailored to meet your needs:
👉 Explore these options today and find the perfect mortgage solution for your needs!
With our industry-leading 1.5% fee, compared to the standard 2.75%, we save you thousands while offering competitive rates tailored to your needs. Learn More.
Our team of seasoned professionals is dedicated to simplifying the mortgage process, providing personalized solutions, and ensuring you feel confident every step of the way.
We prioritize honesty and clarity. From disclosing every detail upfront to ensuring no hidden surprises, we build trust through our commitment to your financial success.
You can also get help from a Home Loan Expert.
The calculator provides an estimate based on the information you enter. For precise numbers, speak to a mortgage expert.
Our calculator provides a base estimate. For a detailed breakdown, add estimated property taxes and homeowner’s insurance costs.
The estimated home price you can afford helps you understand how ready your budget is to buy a home.
Your prequalification estimate helps you understand how ready you are to get prequalified for a mortgage and start shopping. Real estate agents and sellers prefer to know you’re prequalified before you go to open houses and make offers.
These two numbers don’t need to match and often won’t. But when they’re reasonably close and realistic, you could be ready to get prequalified and start shopping for a home.
Here are two common ways to increase how much home you can afford.
Reduce your monthly debt. Paying off credit cards or other loans will improve your debt-to-income ratio. That increases how much home you can afford.
Increase your cash to buy. The more you have for a down payment and closing costs, the more home you can afford. Check out our home loans that make buying a home more affordable.
Use the calculator to explore how changing these numbers increases the estimated home price you can afford.
Upfront costs. Buying a home requires services like the appraisal, credit report, home inspection, title search and the processing of your loan. The costs for all these services are typically paid at closing, and they can range from 2 – 5% of the purchase price. At 3% for a $200,000 house, that’s $6,000.
Costs after you own the home. Paying property taxes and homeowners insurance are part of owning a home. Some types of mortgages require mortgage insurance. For most people, a portion of these costs are added to your monthly mortgage payment.
When using the calculator and looking at an estimated home price you can afford, check out the Monthly Payment and Cash To Buy sections. They’ll help you better understand the costs you need to consider.
If your prequalification estimate comes in low, more cash to buy usually helps. You don’t need a 20% down payment to buy a home. But most buyers need at least 3% of the home’s purchase price for a down payment, and another 2% to 5% for closing costs.
Try increasing your cash to buy in the calculator and see what happens. If the estimated home price you can afford seems good and it’s just cash to buy holding you back, call or chat with a Home Loan Expert. We have loan options that make buying a home more affordable.
The less debt you have, typically the more home you can afford. That’s because you have more income that can go toward your mortgage payment. In this case, debt is monthly payments for things like credit cards, student loans and car payments.
Take control of your home-buying journey today. Use our Home Affordability Calculator to estimate how much house you can afford and start planning your dream home purchase with confidence.
Start Now:
Simply input your details and see how much equity you could access today. If you have questions or need assistance, our team is here to guide you every step of the way.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Reduce your monthly payment or loan term while unlocking the full potential of your home’s equity!
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