Home affordability calculator

Thinking about buying a home? We'll help you come up with a sense of how much house you can afford.
This tool is owned and operated by SmartAsset. Use of the tool is subject to SmartAsset's Terms of Service and Privacy Policy.
Save a down payment

Start saving for your down payment

We'll show you how easy it can be to turn your dream into reality.

The SmartAsset tool is not owned, controlled or operated by Teachers Insurance Association of America, its affiliates or companion entities (collectively, "TIAA").  TIAA is making the SmartAsset tool available on its website.  TIAA is not responsible for the operation of or the content or functionality of the SmartAsset tool. Your use of the SmartAsset tool is subject to SmartAsset's privacy notice and terms of use which may be different from those of TIAA.  All values returned by the SmartAsset home affordability tool are estimates of the home value that a person may be able to afford.  All calculations are performed by SmartAsset. Actual results may vary based on a number of factors such as your credit score, the type of mortgage you choose, and interest rates at the time of home purchase.  Results are based on the information provided by you and will vary.
The SmartAsset tool takes into account your borrowing potential and savings to see what kind of down payment you can afford.  Different mortgage lenders may require different minimum down payments as a condition on providing you with a mortgage. The amount of a down payment will depend upon a number of factors including your debt-to-income ratio (DTI).  DTI is calculated by dividing your recurring monthly debt by your gross monthly income. While the tool uses a 36% DTI, you should also take into consideration recurring expenses such as child care, private school payments, property taxes and recurring healthcare costs, as these may also affect your ability to pay your mortgage each month.
The SmartAsset tool assumes a 30-year fixed rate mortgage, a credit score from the borrower in the 700-719 range, and uses the lowest interest rate that could be available in today's market based on data that is acquired by SmartAsset. However, your situation is unique and the actual rates and terms applicable to you may be different. TIAA has not independently confirmed the assumptions by SmartAsset.