Home Affordability & Monthly Cost Calculator
Test a home price against your monthly take-home income, ownership costs and household expenses to see what the home would cost each month and how much modeled cash remains.
Home Affordability & Monthly Cost Calculator
Enter income, home price, down payment and interest rate to begin. Property tax and insurance start with editable planning amounts.
Home affordability calculator for monthly ownership costs
Use this home affordability calculator to test a specific home price against monthly take-home income, mortgage costs, property tax, home insurance and recurring household expenses. Optional transportation, food, family/health and debt costs can be added so the result shows both estimated monthly ownership cost and modeled cash left.
Know the monthly cost, then check the cash needed to close.
A comfortable monthly payment does not replace the down payment, land transfer tax, legal costs and other cash required before closing.
Questions buyers ask before deciding what feels affordable
Should I use gross income or take-home income here?
Use your monthly take-home income after tax and payroll deductions for this household-budget view. Lenders use gross income and underwriting rules for qualification, so the number a lender approves can be different from the monthly payment that feels comfortable to you.
How much of my take-home income should go to housing?
There is no single percentage that fits every household. Compare housing with debt payments, transportation, food, childcare, savings goals and irregular expenses. The better question is how much cash is left after the complete monthly budget.
What costs are easiest to forget after buying?
Property tax, insurance, utilities, equipment rentals, repairs, internet, parking, condo or common fees, seasonal exterior work and moving/setup costs are commonly missed when buyers look only at the mortgage payment.
What should I include in the optional monthly-cost fields?
Transportation can combine car payments, auto insurance, fuel or charging, repairs, parking, tolls, transit and rideshare. Food can combine groceries and dining or takeout. Internet / phone / lifestyle can combine telecom, subscriptions, streaming, gym, memberships and entertainment.
What is the difference between the mortgage payment and total home ownership cost?
The mortgage payment covers principal and interest. The monthly home ownership number can also include property tax, insurance, applicable condo/common fees, utilities and repair reserves, which is why it is usually higher than the mortgage payment alone.
How do I use Maintenance / condo fee for a house or condo?
For a condo, enter the monthly condo or common fee. For a house, use the same field for the monthly repair and upkeep reserve you want to model. If a property has both direct maintenance and a common-elements fee, use a combined planning amount.
Do condo fees cover utilities?
Sometimes, but not always. The exact inclusions vary by condominium corporation. Check the current status certificate, budget and utility inclusions so you do not count the same service twice.
How much should I budget for repairs and maintenance?
There is no universal percentage that fits every property. An older detached home, a newer townhouse and a condo unit can have very different obligations. Use the property condition, major systems, inspection findings and responsibility for exterior work to choose a reserve.
Where should I enter secondary-suite rent or other income?
Use Other reliable income for net income you reasonably expect to receive, including a secondary-suite rent assumption if appropriate. Keep rental assumptions conservative and verify legal status, achievable rent, tenancy obligations, tax treatment and lender treatment separately.
Why can lender approval be higher than my comfortable budget?
Qualification tests whether a mortgage fits lender rules. Comfort is personal cash flow. A household may technically qualify for a payment that leaves too little room for transportation, food, childcare, savings, repairs or unexpected costs.
Compare with Mortgage Qualification →What cash costs happen before the first monthly payment?
Down payment, land transfer tax, legal fees, title insurance, adjustments, appraisal, inspection, moving and setup costs can all happen before or around closing.
Estimate cash to close →Have a property—or a move—in mind?
Bring the address, the numbers or the timing question. A focused 10-minute conversation can clarify the next step before you commit more time or money.