Mortgage Affordability Calculator

Quickly Estimate Your Price Range

Use our Mortgage Affordability Calculator to see how much home you can comfortably afford before you start shopping. This easy-to-use tool helps you estimate your ideal price range by factoring in your income, monthly expenses, down payment, loan term, and current interest rates. Whether you’re a first-time buyer or planning your next move, our calculator gives you a clear picture of what fits your budget—so you can make confident, informed decisions on your path to homeownership.

Contact Homesite Mortgage if you have further questions on how refinancing could reduce your annual mortgage expenses by thousands of dollars.

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Affordability Calculator Definitions

  1. Original Interest Rate: The original interest rate is the interest rate that was established in your mortgage when you established your home loan. This is the interest rate that you pay with each monthly mortgage payment, and is locked in unless you choose to refinance to a lower interest rate.
  2. Original Loan Amount: The original loan amount is the amount you borrowed from your lender in order to purchase your home. The original loan amount is the price of the home, minus your down payment.
  3. Original Loan Term: The original loan term is the length of your current mortgage. If you signed up for a 15-year mortgage, but want to switch to a 30-year mortgage, that will require refinancing. If you started with a 30-year mortgage, but want to restart the 30-year timeline (in order to take advantage of lower interest rates, or take a lump sum of cash out of your home’s equity), then you’ll want to refinance.
  4. Time Left to Pay on Original Loan: This is how many months are remaining on your original mortgage.
  5. New Interest Rate: The new interest rate is the rate you will be locking in with your refinance.
  6. New Loan Amount:The new loan amount is the amount you’ll be borrowing through the refinance. This amount may go up or down depending on the updated length of your mortgage.
  7. New Loan Term:The new loan term is the new length of your mortgage that will be established once your refinance closes.
  8. Term of Loan:The term of loan is the length of time that you’ll be repaying your mortgage. The term of loan will be set up (or re-established if refinancing) when you close on your loan.
  9. Savings:The figure in the Savings section is how much money you’ll save over the course of your home loan by refinancing to a lower interest rate.

Mortgage Affordability Calculator FAQs

FAQs Coming Soon

No, the cost to refinance your home is very affordable, especially taking into consideration the potential savings you’ll incur after the refinance is in effect. Work with a lender that is upfront and honest with you about closing cost fees and any other additional fees. Often, the “no closing cost” refinance gimmick is just a trick to get you in the door.