This calculator helps you estimate how much you can afford to borrow for a mortgage. It's a crucial tool when planning your home purchase, as it gives you a realistic idea of your borrowing capacity based on your income, debts, and desired monthly payment. Understanding your affordability early can save you time and disappointment during your house hunt.
How it works: The calculator takes into account your gross monthly income, your existing monthly debt payments, and your desired maximum monthly mortgage payment (which includes principal, interest, property taxes, and homeowner's insurance). By analyzing these figures, it provides an estimated maximum loan amount you might qualify for. Lenders use complex algorithms, so this is an estimate, but it's a very useful starting point.
.calculator-container {
font-family: Arial, sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 500px;
margin: 20px auto;
background-color: #f9f9f9;
}
.calculator-container h2 {
text-align: center;
margin-bottom: 15px;
color: #333;
}
.calculator-container p {
margin-bottom: 15px;
line-height: 1.6;
color: #555;
}
.form-group {
margin-bottom: 15px;
}
.form-group label {
display: block;
margin-bottom: 5px;
font-weight: bold;
color: #444;
}
.form-group input {
width: calc(100% – 22px);
padding: 10px;
border: 1px solid #ddd;
border-radius: 4px;
box-sizing: border-box;
}
button {
display: block;
width: 100%;
padding: 12px;
background-color: #4CAF50;
color: white;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
margin-top: 10px;
}
button:hover {
background-color: #45a049;
}
.result-container {
margin-top: 20px;
padding: 15px;
background-color: #e8f5e9;
border: 1px solid #c8e6c9;
border-radius: 4px;
text-align: center;
font-size: 1.1em;
color: #2e7d32;
}
function calculateMortgageAffordability() {
var grossMonthlyIncome = parseFloat(document.getElementById("grossMonthlyIncome").value);
var monthlyDebtPayments = parseFloat(document.getElementById("monthlyDebtPayments").value);
var desiredMaxMortgagePayment = parseFloat(document.getElementById("desiredMaxMortgagePayment").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(grossMonthlyIncome) || isNaN(monthlyDebtPayments) || isNaN(desiredMaxMortgagePayment) ||
grossMonthlyIncome < 0 || monthlyDebtPayments < 0 || desiredMaxMortgagePayment maxTotalDebtBasedOnIncome) {
// If it exceeds, the *actual* affordable mortgage payment is limited by the total debt rule
affordableMortgagePayment = maxTotalDebtBasedOnIncome – monthlyDebtPayments;
// Ensure this doesn't result in a negative number if debts are very high
if (affordableMortgagePayment < 0) {
affordableMortgagePayment = 0;
}
resultDiv.innerHTML = "Based on your income and debts, your maximum affordable monthly mortgage payment (PITI) is approximately $" + affordableMortgagePayment.toFixed(2) + ". This is limited by your total debt-to-income ratio.";
} else {
// If it does not exceed, the desired maximum payment is affordable, or we use the 28% rule if it's lower
resultDiv.innerHTML = "Based on your income and debts, your maximum affordable monthly mortgage payment (PITI) is approximately $" + affordableMortgagePayment.toFixed(2) + ".";
}
// This calculator estimates your maximum *monthly mortgage payment (PITI)*.
// To get an estimated *loan amount*, you would need to know your interest rate, loan term,
// and estimates for property taxes and homeowner's insurance.
resultDiv.innerHTML += "Note: This calculator estimates your maximum affordable monthly mortgage payment (PITI). To determine an estimated loan amount, you would need to factor in interest rates, loan terms, and estimates for property taxes and homeowner's insurance.";
}