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Home & Mortgage

Home & mortgage calculators

Use the affordability calculator to find your price, the mortgage calculator to see the full payment, and rent vs. buy to test the decision. If you already own, the payoff and refinance calculators show whether extra payments or a new loan would save more.

Which calculator answers your question?

  • "How much house can I afford?" Start with the home affordability calculator. On $100,000 a year with $400 a month in debts and $40,000 down, the 28/36 rule of thumb points to about $322,900 at an example 6.5% rate.
  • "What will my payment be?" The mortgage calculator adds taxes, insurance, PMI, and HOA. A $400,000 home with 20% down at that rate runs $2,023 for the loan and about $2,539 all in, using example tax and insurance inputs.
  • "Should I rent or buy?" The rent vs. buy calculator compares your net worth under each choice. On its starting inputs, buying pulls ahead in year 7, so how long you stay matters most.
  • "How fast can I pay it off?" The mortgage payoff calculator starts from your current balance. Adding $200 a month to a $280,000 balance with 25 years left saves $66,894 and cuts 5 yrs.
  • "Is refinancing worth it?" The refinance calculator finds your true break-even month and shows what restarting a 30-year term costs.

If you are buying, use them in this order

  1. Set a price range with the affordability calculator, using a payment you could live with and not just the most a lender would allow.
  2. Test that price in the mortgage calculator with your county's tax rate and a real insurance quote.
  3. Check rent vs. buy for how many years you expect to stay.
  4. Read the numbers behind your first home, which covers down payments, PMI, closing costs, and DTI with one example from start to finish.

Three numbers that catch buyers out

Closing costs typically run 2% to 5% of the purchase price, according to the Consumer Financial Protection Bureau, and they come on top of your down payment. PMI on a conventional loan can end, but FHA annual premiums last the full term with under 10% down. And a debt-to-income limit is measured on gross pay, while you'll live on take-home pay.

These calculators give planning estimates, not loan offers. Your lender's Loan Estimate is the document to rely on, and a HUD-approved housing counselor can review your numbers, often at little or no cost.

More tools for buying, owning, and renting

These answer narrower questions, once you know the main numbers.

For a longer walk-through, read The real numbers behind buying your first home.

Estimates for educational purposes only, not financial, tax, investment, or legal advice. Check important numbers with your lender, plan, or a qualified professional. Full disclaimer.