What is a mortgage affordability calculator?

The borrower makes payments (with interest) to the lender over a set period of time until the loan is paid in full. Our affordability calculator uses the current national average mortgage rate. Your interest rate will vary based on factors like credit score and down payment.

How do I use the Home Affordability calculator?

Use the home affordability calculator to help you estimate how much home you can afford. Note: Calculators display default values. Enter new figures to override. In order to receive a helpful estimate, it’s important that you input accurate information. Results in no way indicate approval or financing of a mortgage loan.

How does the affordability calculator work?

Just like lenders, our Affordability calculator looks at your Debt-to-Income Ratio (DTI) to determine what home price you can afford. This is a common-sense rule to calculate how much debt you should assume. How it works: Your total housing costs should not be more than 28% of your gross monthly income.

What is Zillow's affordability calculator?

Zillow's affordability calculator allows you to customize your payment details, while also providing helpful suggestions in each field to get you started. You can calculate affordability based on your annual income, monthly debts and down payment, or based on your estimated monthly payments and down payment amount.