How Much Can You Afford For Mortgage

Zillow’s Home Affordability Calculator will help you determine how much house you can afford by analyzing your income, debt, and the current mortgage rates.

Mortgage Type: The type of mortgage you choose can have a dramatic impact on the amount of house you can afford, especially if you have limited savings. FHA loans generally require lower down payments (as low as 3.5% of the home value), while other loan types can require up to 20% of the home value as a minimum down payment.

But just imagine if you and your significant other worked alongside one another to help folks, including other couples, get a.

Generally speaking, most prospective homeowners can afford to finance a property that costs between 2 and 2.5 times their gross income. Under this formula, a person earning 0,000 per year can afford a mortgage of $200,000 to $250,000. But this calculation is only a general guideline.