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Home Affordability

Estimate of the maximum amount of financing you can expect to get when you begin house hunting.

Be sure to include all sources of income, including salary, interest, dividends, etc.

Shopping for a home can be a very exciting time. But before you begin evaluating neighborhoods and housing options, you’ll need to know just how much you can afford to spend. This calculator is designed to give you an estimate of the amount of financing you can expect to get when you begin house hunting.

The most common home loan term is 30 years but if you can afford the higher monthly payments of a shorter term loan, your total interest paid would be less.

 

Your Results

The results below show the down payment amount, the maximum home price, and the monthly payment amount, based on the information you provided. Note that if you can afford a larger down payment — or find a mortgage with a lower interest rate — you will ultimately be able to spend more on a home.

Down payment: 0
The maximum home price you may be able to afford, including your down payment: 0
Your monthly payment amount: 0

This chart shows how much of your annual income will go toward paying your debts if you were to buy the highest-priced home you can afford based on the information you provided. Would too much of your income go toward debt? If so, you may want to consider paying off some of your existing obligations before buying a home.

Income That Would Go Toward Debt

 

When determining the amount you can borrow, lenders will typically prefer that your mortgage plus taxes and insurance not exceed 28 percent of your gross monthly income. In addition, lenders recommend that your mortgage, property taxes, insurance and all other monthly obligations not exceed 36 percent of your gross monthly income.

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald Connect, LLC.
© 2016 Emerald Connect, LLC. All Rights Reserved.

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For parties residing outside of the U.S., this information is: (i) provided for informational purposes only, (ii) not and should not be construed in any manner as an offer to participate in any investment or to buy or sell any securities or related financial instruments, and (iii) not and should not be construed in any manner as a public offering of any financial services, securities or related financial instruments. Products and services listed may not be available, or may have restrictions, depending on client country of residence.

Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.

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