Tax Mill Rate Calculator

Home Affordability Calculator /* Global Styles for the Module */ .affordability-calc-wrapper { font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif; max-width: 800px; margin: 0 auto; padding: 20px; background: #fff; color: #333; line-height: 1.6; } /* Calculator Card Styles */ .calc-card { background: #f8f9fa; border: 1px solid #e9ecef; border-radius: 8px; padding: 30px; box-shadow: 0 4px 6px rgba(0,0,0,0.05); margin-bottom: 40px; } .calc-header { text-align: center; margin-bottom: 25px; } .calc-header h2 { margin: 0; color: #2c3e50; font-size: 24px; } .input-grid { display: grid; grid-template-columns: 1fr 1fr; gap: 20px; } @media (max-width: 600px) { .input-grid { grid-template-columns: 1fr; } } .input-group { display: flex; flex-direction: column; } .input-group label { font-weight: 600; margin-bottom: 8px; font-size: 14px; color: #555; } .input-wrapper { position: relative; } .input-prefix, .input-suffix { position: absolute; top: 50%; transform: translateY(-50%); color: #777; font-size: 14px; } .input-prefix { left: 12px; } .input-suffix { right: 12px; } .input-group input, .input-group select { width: 100%; padding: 12px; padding-left: 25px; /* Adjust based on prefix */ border: 1px solid #ced4da; border-radius: 4px; font-size: 16px; box-sizing: border-box; transition: border-color 0.2s; } .input-group input:focus { border-color: #007bff; outline: none; } /* Button Styles */ .calc-btn-container { margin-top: 25px; text-align: center; } .calc-btn { background-color: #007bff; color: white; border: none; padding: 14px 30px; font-size: 16px; font-weight: bold; border-radius: 5px; cursor: pointer; transition: background-color 0.2s; width: 100%; max-width: 300px; } .calc-btn:hover { background-color: #0056b3; } /* Results Section */ .results-container { margin-top: 30px; background: #fff; border: 1px solid #dee2e6; border-radius: 6px; padding: 20px; display: none; /* Hidden by default */ } .results-header { font-size: 18px; font-weight: bold; color: #2c3e50; margin-bottom: 15px; text-align: center; border-bottom: 2px solid #007bff; padding-bottom: 10px; display: inline-block; width: 100%; } .main-result { text-align: center; margin-bottom: 25px; } .main-result-label { font-size: 14px; color: #6c757d; text-transform: uppercase; letter-spacing: 1px; } .main-result-value { font-size: 36px; font-weight: 800; color: #28a745; margin-top: 5px; } .breakdown-grid { display: grid; grid-template-columns: 1fr 1fr; gap: 15px; background: #f1f8ff; padding: 15px; border-radius: 6px; } .breakdown-item { display: flex; flex-direction: column; } .breakdown-label { font-size: 13px; color: #555; } .breakdown-value { font-size: 16px; font-weight: bold; color: #333; } .error-msg { color: #dc3545; text-align: center; margin-top: 10px; display: none; } /* SEO Article Styles */ .seo-content { margin-top: 50px; border-top: 1px solid #eee; padding-top: 30px; } .seo-content h2 { font-size: 22px; color: #333; margin-bottom: 15px; } .seo-content h3 { font-size: 18px; color: #444; margin-top: 20px; margin-bottom: 10px; } .seo-content p { margin-bottom: 15px; font-size: 16px; color: #555; } .seo-content ul { margin-bottom: 20px; padding-left: 20px; } .seo-content li { margin-bottom: 8px; color: #555; }

Home Affordability Calculator

Estimate the maximum home price you can afford based on your income and debts.

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30 Years 20 Years 15 Years 10 Years
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Please fill in all fields with valid numbers.
Calculation Results
Maximum Home Price
$0
Loan Amount $0
Monthly Principal & Interest $0
Down Payment $0
Limiting Factor
*Calculations based on standard 28%/36% debt-to-income ratios.

How Much House Can I Afford?

Determining your home affordability is the first crucial step in the home buying process. This Home Affordability Calculator helps you estimate a realistic budget by analyzing your income, existing debts, and down payment savings. It uses the standard debt-to-income (DTI) ratios preferred by mortgage lenders to ensure you don't overstretch your finances.

Understanding Debt-to-Income Ratio (DTI)

Lenders use two main ratios to determine how much they are willing to lend to you:

  • The Front-End Ratio (28%): Ideally, your monthly housing costs (principal, interest, taxes, and insurance) should not exceed 28% of your gross monthly income.
  • The Back-End Ratio (36%): Your total monthly debt payments (including the new mortgage plus student loans, car payments, and credit cards) should not exceed 36% of your gross monthly income.

Our calculator checks both scenarios and uses the lower (more conservative) number to determine your maximum affordability.

Key Factors Affecting Your Affordability

Several variables impact your purchasing power:

  1. Interest Rates: A higher interest rate increases your monthly payment, significantly reducing the total loan amount you qualify for.
  2. Down Payment: A larger down payment reduces the loan amount required, allowing you to purchase a more expensive home for the same monthly payment.
  3. Monthly Debts: Reducing existing debts (like paying off a car loan) lowers your back-end DTI ratio, potentially increasing your buying power.
  4. Loan Term: A 30-year term offers lower monthly payments than a 15-year term, typically allowing you to borrow more, though you will pay more in interest over time.

How to Use This Calculator

Simply enter your gross annual income (before taxes), your monthly debt obligations, the cash you have saved for a down payment, and the current estimated interest rate. The calculator will determine the maximum loan size you qualify for and add your down payment to show the total home price you can afford.

function calculateAffordability() { // 1. Get DOM elements var incomeInput = document.getElementById('annualIncome'); var debtsInput = document.getElementById('monthlyDebts'); var downPayInput = document.getElementById('downPayment'); var rateInput = document.getElementById('interestRate'); var termInput = document.getElementById('loanTerm'); var taxInsInput = document.getElementById('taxInsEstimate'); var resultContainer = document.getElementById('resultContainer'); var errorDisplay = document.getElementById('errorDisplay'); // 2. Parse values var annualIncome = parseFloat(incomeInput.value); var monthlyDebts = parseFloat(debtsInput.value); var downPayment = parseFloat(downPayInput.value); var annualRate = parseFloat(rateInput.value); var years = parseFloat(termInput.value); var monthlyTaxIns = parseFloat(taxInsInput.value); // 3. Validation if (isNaN(annualIncome) || isNaN(monthlyDebts) || isNaN(downPayment) || isNaN(annualRate) || isNaN(years) || isNaN(monthlyTaxIns)) { errorDisplay.style.display = 'block'; resultContainer.style.display = 'none'; return; } if (annualIncome <= 0 || annualRate <= 0) { errorDisplay.innerHTML = "Income and Interest Rate must be greater than zero."; errorDisplay.style.display = 'block'; resultContainer.style.display = 'none'; return; } errorDisplay.style.display = 'none'; // 4. Logic Implementation var grossMonthlyIncome = annualIncome / 12; var r = (annualRate / 100) / 12; // Monthly interest rate var n = years * 12; // Total number of payments // Rule 1: Front-End Ratio (28% of Income max for Housing) // Max Housing Payment = (Income * 0.28) // This payment covers: P&I + Tax/Ins // So, Max P&I = (Income * 0.28) – Tax/Ins var maxHousingPaymentFront = grossMonthlyIncome * 0.28; var maxPI_Front = maxHousingPaymentFront – monthlyTaxIns; // Rule 2: Back-End Ratio (36% of Income max for Total Debt) // Total Allowed Debt = Income * 0.36 // Available for Housing = Total Allowed Debt – Existing Monthly Debts // Max P&I = Available for Housing – Tax/Ins var maxTotalDebtPayment = grossMonthlyIncome * 0.36; var maxHousingPaymentBack = maxTotalDebtPayment – monthlyDebts; var maxPI_Back = maxHousingPaymentBack – monthlyTaxIns; // Determine which rule limits the borrower var maxAllowablePI = 0; var limitingFactorText = ""; if (maxPI_Front < maxPI_Back) { maxAllowablePI = maxPI_Front; limitingFactorText = "Front-End Ratio (Income)"; } else { maxAllowablePI = maxPI_Back; limitingFactorText = "Back-End Ratio (Debts)"; } // Handle case where debts are too high if (maxAllowablePI <= 0) { document.getElementById('displayHomePrice').innerHTML = "$0"; document.getElementById('displayLoanAmount').innerHTML = "$0"; document.getElementById('displayPI').innerHTML = "$0"; document.getElementById('displayDownPayment').innerHTML = formatCurrency(downPayment); document.getElementById('displayFactor').innerHTML = "Debts/Expenses too high"; resultContainer.style.display = 'block'; return; } // Calculate Max Loan Amount based on Max Allowable P&I // PV Formula: PV = PMT * [(1 – (1+r)^-n) / r] var maxLoanAmount = maxAllowablePI * ((1 – Math.pow(1 + r, -n)) / r); // Calculate Max Home Price var maxHomePrice = maxLoanAmount + downPayment; // 5. Formatting and Output function formatCurrency(num) { return '$' + num.toFixed(0).replace(/(\d)(?=(\d{3})+(?!\d))/g, '$1,'); } document.getElementById('displayHomePrice').innerHTML = formatCurrency(maxHomePrice); document.getElementById('displayLoanAmount').innerHTML = formatCurrency(maxLoanAmount); document.getElementById('displayPI').innerHTML = formatCurrency(maxAllowablePI); document.getElementById('displayDownPayment').innerHTML = formatCurrency(downPayment); document.getElementById('displayFactor').innerHTML = limitingFactorText; resultContainer.style.display = 'block'; }

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