Mortgage affordability calculator

Enter your total household income before taxes and other deductions. Enter an amount between ten thousand and one million. If you plan to purchase your home with someone else, give them a hug and include their income too.

Enter the amount, between ten thousand and two million, you plan to pay up front toward your home purchase. This will reduce the mortgage amount you need. Avoid having to pay mortgage default insurance and make a down payment of 20% or more of the property's value. Minimum down payment amounts range from 5% to 20%, depending on the home price.

A mortgage term is the length of time you’ll be committed to a lender. Fixed-rate mortgage payments stay the same over the term. With variable-rate mortgages, interest rates can change with the market. When rates drop, you pay down your principal faster.

Use the rate shown or enter your own using numbers only. This is the interest rate charged during the mortgage term.

This is the amount of time it’ll take to pay off the principal and interest amount of a mortgage, also known as the amortization period. By the end of it, you’ll be mortgage free. The maximum amortization period may be up to 25 years if the mortgage is default insured, and up to 30 years if it's not.