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Mortgage Payment & Affordability Calculator
Use this to choose the best mortgage plan and check your affordability to buy a house.
This tool helps answer :
Should I put more or less a downpayment? Should I choose a longer or shorter mortgage term
If I have enough cash to buy a house but have higher-yield investment opportunities, should I use a mortgage or make a cash offer to purchase?
What is the maximum house price I can afford? How do my budget, income, down payment, outstanding debts, and debt-to-income ratio affect my affordability?
How do the mortgage rate, loan term, downpayment, closing fee, property tax, HOA & insurance affect my affordability?
Mortgage Payment
Mortgage Feature
Purchase price
Downpayment
Loan amount
Loan term
years
Mortgage rate
Monthly mortgage payment
Mortgage Comparison
Plan A
Plan B
Downpayment
Loan term (years)
Mortgage rate
Investment yield
the expected return of investment when you invest extra cash
Credit score range
≥ 760
740 - 759
720 - 739
700 - 719
680 - 699
660 - 679
640 - 659
< 640
Monthly mortgage insurance (PMI)
Monthly mortgage payment
Federal income tax rate
0%
10%
12%
22%
24%
32%
35%
37%
(highest bracket)
Net present value (NPV)
This is how much the NPV of using mortgage is higher/lower than the NPV of buying with all cash. When investment yield is higher than mortgage rate (APR), your NPV of using mortgage is normally higher than the NPV of buying with all cash, assuming your PMI is low. This is becasue your investment income is higher than the mortgage interest, and it brings you more cash inflow in the long term.
The winner plan
The better Plan you should consider is the one with the higher NPV, it brings a better financial outlook in the long term.
All Cash Purchase (no mortgage)
Net present value (NPV)
Check Your House Affordability
Income & Debt
Annual Income
Other debt payment
/ month
Current debt-to-income
Max debt-to-income
House & Mortgage
Mortgage rate
Loan term (years)
Downpayment
Closing fee
Mortgage insurance
Property tax
Home insurance / year
HOA / month
You can afford
House max purchase price
Loan amount
Initial payment
Monthly mortgage payment
Total monthly payment
Prospective debt-to-income
Related Items
To buy or rent a house analysis
Mortgage refinance calculators
To sell or keep the house analysis
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