How Much House Can I Afford?

That depends on what you earn, what you spend, and how much you feel comfortable paying each month.

A mortgage calculator helps you figure that out.

It gives you a number you can work with, not just a guess.

That way, you can shop for homes with less worry and more confidence.

Should I consider taxes and insurance?

Yes, absolutely.

When you own a home, you’ll usually pay property taxes and homeowners insurance, too.

They’re often included in your monthly mortgage payment.

It’s good to plan for them early so there are no surprises.

A calculator can help you see the full picture.

What is the impact of a down payment?

The more you put down, the less you borrow.

That usually means smaller monthly payments and less interest over time.

It can also help you avoid extra fees.

But don’t worry, even a small down payment is a strong first step.

The calculator shows how your down payment can change things.

How do I save for a down payment?

Start small and stay steady.

Set aside a little each month, like you would for a family trip or holiday gift.

Some people cut back on extras, others find ways to earn a little more.

It adds up faster than you think.

And when you watch that number grow, you’ll feel proud, because you’re getting closer to home.

How much are closing costs?

Closing costs are the fees and expenses you pay when you buy a home.

Things like paperwork, inspections, and legal stuff.

They usually cost around 2% to 5% of the home's price.

The calculator can give you a rough idea.

It’s good to plan for them, so the keys in your hand come with less stress in your heart.

Income: Affordable means something you can pay for without feeling stretched too thin. In a mortgage, it means a payment that fits your life, with room for groceries, gas, and fun. Home should feel safe, not stressful.
After Tax Income: Your credit score is a number that shows how well you’ve handled money in the past. It helps lenders decide what kind of loan you can get and what your interest rate will be. A higher score usually means better loan options.
Credit Score: The loan term is how long you’ll take to pay back the loan. Common terms are 30 years or 15 years. A shorter term means higher payments, but you finish faster and save more over time. A longer term means smaller payments, but more interest in the end.
Loan Amount: This is the money you pay up front when you buy a home. The rest comes from your loan. The more you put down, the less you borrow, and the lower your monthly payment might be.
Loan Term: These are the extra fees you pay when the home becomes yours. They cover things like paperwork, inspections, and other services. Closing costs are usually 2% to 5% of the home price. It’s a good idea to plan for them early.
Down Payment: Term Definition
Closing Costs: Term Definition

Use Cases for The Affordability Calculator

Build a Budget
Before you shop for a home, it helps to know what fits your wallet.
This calculator shows how much house you can afford based on what you make and spend.
It helps you set a smart budget so you feel confident, not stressed.

Estimate Housing Costs
Wondering what your monthly payment might look like?
The calculator adds it all up, loan, taxes, insurance, and more.
It gives you a real picture of what to expect, so nothing catches you off guard.

Explore Loan Options You Can Afford
Not all loans are the same.
This tool helps you see what kinds of loans match your budget.
You can try out different terms, down payments, and rates to find what feels right for you.

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

How Much House Can I Afford?

Common Mortgage Terms

Use Cases for The Affordability Calculator

More Mortgage Calculators

How To Use The Home Affordability Calculator

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