Home Affordability Calculator Tool

Home Affordability Calculator

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

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