Use this calculator to estimate the maximum mortgage you might be approved for and understand how different factors influence your borrowing capacity. This calculation provides an estimate based on common lending criteria and is not a guarantee of loan approval. Lenders will consider your full financial profile, including credit score, debt-to-income ratio, employment history, and the specific property you intend to purchase.
function calculateMortgageAffordability() {
var annualIncome = parseFloat(document.getElementById("annualIncome").value);
var monthlyDebt = parseFloat(document.getElementById("monthlyDebt").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var interestRate = parseFloat(document.getElementById("interestRate").value) / 100;
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = "; // Clear previous results
// Basic affordability checks (common lending ratios)
var maxHousingPaymentRatio = 0.28; // Typically 28% of gross income for PITI (Principal, Interest, Taxes, Insurance)
var maxTotalDebtRatio = 0.36; // Typically 36% of gross income for all debts including PITI
if (isNaN(annualIncome) || annualIncome <= 0) {
resultDiv.innerHTML = "Please enter a valid Annual Gross Income.";
return;
}
if (isNaN(monthlyDebt) || monthlyDebt < 0) {
resultDiv.innerHTML = "Please enter a valid Total Monthly Debt Payments.";
return;
}
if (isNaN(downPayment) || downPayment < 0) {
resultDiv.innerHTML = "Please enter a valid Down Payment.";
return;
}
if (isNaN(interestRate) || interestRate <= 0) {
resultDiv.innerHTML = "Please enter a valid Estimated Interest Rate.";
return;
}
if (isNaN(loanTerm) || loanTerm 0) {
maxLoanAmount = maxPiti * (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1) / (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments));
} else { // Handle 0% interest rate case
maxLoanAmount = maxPiti * numberOfPayments;
}
var estimatedMaxMortgage = maxLoanAmount + downPayment;
// Display results
resultDiv.innerHTML += "
Estimated Mortgage Affordability
";
resultDiv.innerHTML += "Based on your inputs:";
resultDiv.innerHTML += "Maximum Monthly PITI (Principal, Interest, Taxes, Insurance) you can afford: $" + maxPiti.toFixed(2) + "";
resultDiv.innerHTML += "Estimated Maximum Loan Amount: $" + maxLoanAmount.toFixed(2) + "";
resultDiv.innerHTML += "Estimated Maximum Home Purchase Price (Loan Amount + Down Payment): $" + estimatedMaxMortgage.toFixed(2) + "";
resultDiv.innerHTML += "Note: This is an estimate. Property taxes and homeowners insurance can vary significantly by location and property type. Lenders will have their own specific qualification criteria.";
}
.calculator-container {
font-family: sans-serif;
border: 1px solid #ddd;
padding: 20px;
border-radius: 8px;
max-width: 600px;
margin: 20px auto;
background-color: #f9f9f9;
}
.calculator-container h2 {
text-align: center;
color: #333;
margin-bottom: 15px;
}
.calculator-container p {
color: #555;
line-height: 1.6;
margin-bottom: 20px;
}
.calculator-inputs {
display: grid;
grid-template-columns: repeat(auto-fit, minmax(250px, 1fr));
gap: 15px;
margin-bottom: 20px;
}
.input-group {
display: flex;
flex-direction: column;
}
.input-group label {
margin-bottom: 5px;
font-weight: bold;
color: #444;
}
.input-group input[type="number"] {
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 1em;
}
.calculator-container button {
display: block;
width: 100%;
padding: 12px 20px;
background-color: #007bff;
color: white;
border: none;
border-radius: 5px;
font-size: 1.1em;
cursor: pointer;
transition: background-color 0.3s ease;
margin-top: 10px;
}
.calculator-container button:hover {
background-color: #0056b3;
}
.calculator-result {
margin-top: 25px;
padding: 15px;
border-top: 1px solid #eee;
background-color: #fff;
border-radius: 4px;
}
.calculator-result h3 {
color: #007bff;
margin-bottom: 10px;
}
.calculator-result p {
margin-bottom: 8px;
color: #333;
}
.calculator-result p strong {
color: #0056b3;
}
.calculator-result small {
color: #777;
font-style: italic;
}
.error {
color: #dc3545 !important;
font-weight: bold;
}