Mortgage Affordability Calculator
How much home can you afford? This calculator will help provide a general idea of how much mortgage you can afford, but we have many programs to help maximize your income and savings. Let’s get you the home of your dreams!
How much home can I afford?
A quick estimate from your income and monthly debts. For a number you can shop with, get pre-approved.
Sharing creates a link with the numbers you entered, so someone else can open the same results. Nothing you enter is saved on this site. These are estimates from the numbers you enter, not a loan offer or a rate quote. Your actual rate, payment and costs depend on your credit, the loan program and the property.
How Much Home Can You Afford in Durango?
Lenders compare your monthly debts plus the new housing payment to your gross monthly income. That’s your debt-to-income ratio, and it’s the main number this calculator works from. But the most a lender will approve isn’t always what feels comfortable, so start with a budget that leaves room for savings and life in the mountains.
What this calculator can’t see
- Your credit history and which programs it fits
- How much you have saved for a down payment, closing costs and reserves
- Exact local costs like property taxes, insurance and HOA dues, unless you enter them
- Changes coming up, like a new job, a growing family or retirement
For a full picture, take the which-loan-fits quiz, the ready-to-buy checklist or get pre-approved.
Affordability Questions
What income counts toward qualifying?
Steady income you can document, such as wages, self-employment income with tax returns, retirement, Social Security and some rental income. Peter will calculate it the way lenders do.
Do student loans and car payments count?
Yes. Lenders include monthly payments on most debts that show on your credit report, including student loans, auto loans and credit cards.
Does adding a co-borrower help?
It can. A co-borrower’s income can help you qualify, but their debts and credit count too.
Should I buy at the top of my approval?
Not necessarily. Many buyers choose a lower price so their payment fits comfortably with their other goals. Peter can show you payments at a few price points.