If you’re considering buying a home, you’ve probably wondered how much home you can afford – and what your monthly mortgage payments will look like, along with your other monthly payments. Our free home affordability calculator helps you estimate a realistic home price and purchase price based on your annual income, expenses, down payment and loan details, even if you’re just getting familiar with mortgage basics.
Disclaimer The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. Note: Calculators are not a guarantee of credit.
Our goal is to help you feel more confident in your home purchase. Our home affordability calculator helps you plan smarter by recommending a home-buying budget based on your real-world income, expenses and other monthly obligations. We’ll consider how much you make, your monthly expenses – like auto and credit card debt and other debt payments, and any anticipated expenses related to your new home purchase. You’ll also get to see how your down payment amount can affect your monthly payment.
Note: The home affordability calculator is for planning purposes only. It provides an estimate and does not guarantee loan approval or offer specific loan terms.
The calculator is quick and easy to use – no personal information required! Use it to:
FFCCU is your one-stop shop for any home financing needs – from traditional mortgages to home equity loans to refinancing and other loan options. And because we’re a not-for-profit financial co-op, we’re able to offer great rates and low fees on all of our home financing options.
Your mortgage loan will be with you for many years – and it’s important to trust the lender you choose. As a community credit union, our goal is to build a stronger community, and that means offering low rates and fewer fees than you’ll find with traditional banks. Plus, our team is based in Northeast Ohio, for service and support that’s close to home. We understand the area and offer friendly, personalized guidance whenever you need us, including helping you understand how your credit profile fits into your home buying plans.
Ready to apply for your loan? Our easy online application is a great first step.
A home affordability calculator can help you estimate the mortgage amount you might qualify for based on your monthly income and expenses. It will also calculate an estimated monthly mortgage payment based on your down payment, loan duration and interest rate.
Most lenders base their home loan qualification on your total monthly income and your monthly expenses. These monthly expenses include things like your car payments, credit card debt as well as new-home expenses like homeowner association dues and insurance.
That’s up to you, but to get the most accurate estimate, we recommend taking a close look at all of your monthly expenses and monthly obligations. What’s in your budget and what debt are you paying back in terms of an auto loan or credit card debt? You’ll also want to consider your new-home expenses, including insurance, property taxes and homeowner association dues.
Since your credit score and overall credit profile may affect the interest rate you qualify for and the interest rates you’re offered, our home affordability calculator will show you results based on “good” credit and “medium” credit.
The calculator is intended for illustrative purposes only on fixed rate loans. The figures shown may not include costs associated with: your loan, your individual situation or fluctuations based on a variable rate loan.
A larger down payment will help you afford more home, even in areas with higher home prices. If your down payment is more than 20% of the cost of the home, you will also not have to pay “PMI” – or private mortgage insurance. This will help reduce your monthly mortgage payment.
Credit scores range from 300 to 850. Medium credit is typically a score between 580 and 669. A good credit score is typically between 670 and 739. Anything over 740 is considered very good to excellent.
It’s always a smart idea to get pre-approved before shopping for a home. A pre-approval will allow you to show a real estate agent and home seller that you’ve secured financing to make a deal happen quickly. Your pre-approval from FFCCU will include details on all loan terms, including the length of the loan and planned down payment.
