Home Affordability Calculator
Parameter | Description | Example Value |
---|---|---|
Annual Income | The total annual income of the household. | $80,000 |
Down Payment | The amount of money available for the down payment. | $20,000 |
Loan Term (years) | The duration of the mortgage loan in years. | 30 years |
Annual Interest Rate | The annual interest rate on the mortgage loan. | 4% |
Maximum Affordable Home Price | The maximum home price that can be afforded based on the given parameters. This is typically calculated using standard affordability ratios such as the 28% rule (monthly housing costs should not exceed 28% of your gross monthly income). | $300,000 |