Mortgage Affordability Calculator

How much home can you afford to purchase? With the Mortgage Affordability Calculator, you can analyze your current income against current expenses to determine an estimated mortgage amount that you would be able to comfortably afford. Enter in the following amounts to calculate your estimate:

  • Annual Income – Total Household Income
  • Monthly Debts – Credit Cards, Student Loans, Car Loans and other monthly expenses
  • Down Payment – How much money you will put towards your new home
  • Years – The life of the mortgage you are seeking (Typically anywhere between 20-40 years)
  • Mortgage Rate – The interest rate on the loan
  • Debt to income ratio: Total household income compared to total debt

Once you have filled out the inputs with your information, at the very end of the calculator form, press “calculate”.


Remember, there are multiple factors that can affect the size of mortgage that you may be able to afford. Will you have a co-borrower? Will you be using the proceeds from the sale of another residence as a down payment? Talk to your Herring Bank Mortgage Loan Officer to review the details of your specific financial situation for a more accurate picture of your home buying capability.

Use these valuable tools and resources to
help you smoothly navigate your homebuying journey.

Still looking for answers? Check out our other calculators:

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