Calculators are provided for education and illustrative purposes only. The accuracy of the calculations and their applicability to your circumstances are not guaranteed. Please consult your mortgage, financial or tax advisor regarding your unique situation.
Mortgage Affordability Calculator
Estimate how much house you can afford
How Much House Can You Afford?
This calculator helps you get a general estimate. For a more personalized experience for your specific budget, try our Home Insight© Planner.
FAQ
You’ll enter your information; you can choose to calculate by your income and other debt payments you make or what monthly payment you’re comfortable with. Based on your information, the calculator determines the maximum home value you may be able to afford.
The calculator lets you enter your desired terms. You can choose whether to calculate based on your income or enter your own payment amount.
Your results will show the maximum home value you may be able to afford with the monthly payments calculated or entered. You can change the down payment amount, term and estimated interest to see how they change what you may be able to afford.
You can also include or exclude taxes and insurance. If you include them, you can enter your annual property tax, homeowner’s insurance and HOA fees, if they apply to you.
The pie chart breaks down where your payment goes: principal and interest, insurance, private mortgage insurance (if your down payment is less than 20%) and property taxes.
Interest rate is based on a combination of market and personal factors – the current economy, your credit score and how you’ll use the property.
An affordable payment is one you’ll be able to make comfortably each month. This amount should follow the 28/36 rule; it should be no more than 28% of your gross income, and no more than 36% of your total debt.
If you already know what monthly payment you’re comfortable with, you can calculate by that amount as maximum payment. If you would like the calculator to suggest an affordable payment, you can calculate it by providing your income.
Your down payment is toward part of the purchase price. What you pay up front decreases the amount you’ll need to borrow, which is the amount you’ll pay interest on. The larger your down payment, the less interest you pay over the life of the loan. Experts recommend paying 5-20% down; if you pay at least 20% down you eliminate the need for Private Mortgage Insurance (PMI).
Some common costs include:
- Closing costs – these typically are from 3-6% of the loan amount
- Moving expenses – trucks, movers, remaining rent payments if you’re renting
- Home inspection fees
Mortgage rates can change daily. Check current mortgage rates.
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Next Steps
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Set your budget. Search for homes. Save your favorites.
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Rate may increase after settlement.
Digital preapproval requires the assistance of a Mortgage Loan Officer. After the first part of the application process is complete, a PNC Mortgage Loan Officer will reach out to finish the remainder of the preapproval.
Borrower must satisfy pre-approval conditions outlined in commitment letter. Final loan approval and amount are subject to verification of loan data, property appraisal and underwriting conditions.
PNC, PNC HomeHQ, PNC Home Insight and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has a pending patent application directed at various features and functions of Home Insight® Planner. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
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