Housing affordability · supplied budget
Housing affordability · supplied budget: use gross monthly income, maximum housing share, monthly property tax, insurance and dues. Review the formula, worked example and calculation steps.
Inputs
Use the units shownEnter your values and select Calculate.
Formula & explanation
Variables & units
- Gross monthly income
- currency · minimum 0, maximum 1000000000000
- Maximum housing share
- % · minimum 0, maximum 100
- Monthly property tax, insurance and dues
- currency · minimum 0, maximum 1000000000000
- Nominal annual mortgage rate
- % · minimum 0, maximum 100
- Loan term
- Numeric value · minimum 1, maximum 50
- Available down payment
- currency · minimum 0, maximum 1000000000000
Worked example
At 0%, a 1,000 monthly payment over 120 months supports a 120,000 loan before adding a down payment.
Assumptions
Your supplied budget percentage is a scenario assumption, not an underwriting recommendation. Excludes other debt tests, closing costs and loan insurance.
Formula version 1.0.0. JavaScript floating-point arithmetic applies. Results display up to 6 decimal places; stored values retain available precision. Use the units shown.
Practice with an example
Use the default input values to find the answer. The reset icon restores those values.
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