Income House Price Calculator

To arrive at an affordable home price we followed the guidelines of most lenders.

Income house price calculator. Experiment with other house related calculators or explore more calculators covering math fitness health and more. Quickly find the maximum home price within your price range. The data is based on movements in the price of a typical property in the region and cannot take account of differences in quality of fittings decoration etc. Use a front end ratio of 28 for conservative results and as high as 36 for aggressive results usually requires a excellent credit and a higher down payment.

The calculator is based on the nationwide house price index. Free house affordability calculator to estimate an affordable house price based on factors such as income debt down payment or simply budget. Affordable house price calculator specifying down payment in dollars. Given the income mortgage assumptions the spreadsheet can calculate the maximum affordable house price with a single combined key stroke.

Representative example a mortgage of 226 340 payable over 24 years initially on a fixed rate until 30 11 25 at 1 89 and then on a variable rate of 3 99 for the remaining 19 years would require 61 payments of 978 18 and 227 payments of 1 172 01. For example a combined monthly mortgage payment of 1 200 divided by gross monthly income of 4 500 equals a housing ratio of 27. Results are based on movements in prices in the regions of the uk rather than in specific towns and cities. X how much house can i afford calculation example.

Follow the 28 36 debt to income rule. This rule asserts that you do not want to spend more than 28 of your monthly income on housing related expenses and not spend more than 36 of your income against all debts including your new mortgage. In general that means your total debt payments should be no more than 36 of your gross income. 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.

Then take your annual income and divide by 12 to determine your monthly income.