Mortgage Affordability Calculator
Mortgage Affordability Calculator helps you stress-test mortgage affordability before you sign paperwork or change autopay. You can compare rate and term side by side without sending data off this page.
Calculate your payment
How this is calculated
We treat your balance, annual rate, and term the same way amortizing loans are modeled in finance class: each period interest accrues on the remaining principal, then your payment chips away principal until the balance hits zero.
When the tool also asks for fees or extras, we fold those into totals so you can compare apples-to-apples with a lender quote.
If you see a payoff or savings line, it is the difference between schedules—not tax advice.
Formula:
Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1]
Where: P = principal (loan amount), r = monthly interest rate (annual rate ÷ 12), n = total number of monthly payments (years × 12).
Use this tool for
- Building a household budget line item for a new car or renovation loan.
- Explaining amortization to a co-borrower before you e-sign disclosures.
- Sanity-checking an amortization table embedded in a PDF quote.
Common questions
Which inputs matter most for Mortgage Affordability Calculator?
Confirm units (annual vs. monthly, nominal vs. real) match how your bank or employer reports numbers; mixed units are the most common source of surprise.
