Home affordability calculator
Thinking about buying a home? We'll help you come up with a sense of how much house you can afford.
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.
AssumptionsThe 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.