Purchasing a home can often times be a frightening experience that can end up being more of a financial burden if you do not have a plan. Many of us are on a strict budget when it comes to our cash flow, and are able to spend a limited number of dollars on a house payment. Do not allow home ownership to become a stressful financial burden. Buying a home is one of the most important, exciting purchases a person or family can make so know how much you can afford to help ease the tension of a mortgage commitment.

If you are thinking about buying a home, and are not sure if you can afford it, simply enter the amount of money you can afford to pay each month in the house affordability calculator, along with the interest and term of the loan, and our calculator will give you a good estimation on what price range to begin looking. This is extremely helpful if you are already renting a home or apartment. Simply enter what you are paying now for rent into the form fields, and see how much you can afford to borrow.

Remember, most lending institutions will require and sometimes include taxes and insurance in loan your payment. This will cause your payment to be slightly higher than stated on this calculator. Also, try to keep your monthly home mortgage expense to under one-third (33%) of your household income. This can be adjusted for your specific situation, but a third is a good place to start when trying to decide how much you can afford when looking to buy a home.