How much house can I afford?

Use this calculator to determine how much house you can afford. Simply enter a few details about your income, down payment, and monthly debts to estimate the mortgage that works with your budget.
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You can afford a home up to: $0
Your debt-to-income ratio is 35%
Quite affordable.
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Home affordability calculator

Understanding the affordability of a home is pivotal in the homebuying journey. Using this tool enables potential homebuyers to have a realistic view of their financial capacity, empowering them to make informed decisions for their future.

How much mortgage can I afford?

Your mortgage and the price of home you can afford are affected by a number of different factors, including - but not limited to - the following:


Annual income

When determining how much mortgage you can afford, your annual income serves as a foundational element. Elite Icon Team's affordability calculator uses income as the baseline that establishes what you can afford on a monthly basis.

Cash reserves

Having cash reserves is more than a safety net—it's a strategic advantage in the homebuying process, as you can use them to increase your down payment and potentially get a better interest rate. Reserves can help ensure that you not only qualify for a mortgage but also have the necessary resources for unexpected expenses, making your homeownership journey smoother.

Debt

Managing debt is a critical aspect of mortgage affordability. It is the natural inverse to income, and lenders consider your debt-to-income ratio (DTI) as a factor in your ability to pay a potential mortgage note. At Elite Icon Team, we are able to refer clients to a network of lender partners who can assist with debt buydown and credit repair as needed, which are often key initial steps in qualifying for a home mortgage.

Debt to income ratio

The debt-to-income ratio is a key metric that lenders use to assess your ability to take on additional debt. A lower ratio signifies a healthier financial position, increasing the likelihood of favorable mortgage terms and a successful home purchase.

Debt relief

If your debt-to-income ratio raises concerns, exploring debt relief options would be a likely next step. Our lender partners are well-versed in debt elimination strategies and can assist you in establishing a sound financial position from which to consider a home purchase.

Expenses

Accurately accounting for monthly expenses is vital in determining mortgage affordability. Consider factors beyond basic living costs, utilities, insurance, and property taxes. Doing so will give you a clearer picture of your overall financial position and help you better plan for your potential homebuying journey.

Loan term

The choice of a loan term - that is, the total number of months constituing the life of the loan - significantly impacts your monthly mortgage payments. Your lender partner can work with you to determine the appropriate duration for your note based on your specific financial situation.

Should I buy a home now or wait?

Determining the optimal time to buy a home requires a nuanced analysis of market conditions and personal circumstances. Elite Icon Team is dedicated to providing expert advice and support for you through your decision-making process. Reach out to our team for personalized insights, ensuring that you embark on your homeownership journey with confidence and clarity.


Our experienced team not only considers current market trends but also evaluates your individual financial goals and the overall economic landscape. With a comprehensive understanding of these factors, we can provide tailored recommendations, helping you make decisions that align with both your short-term and long-term objectives.