Affordability Calculator
HOW TO USE THIS CALCULATOR
PLEASE NOTE: I built this calculator for Florida rates (but not Miami Dade).
- Enter only the fields you need. Leave the rest blank.
- Once you select a closing date, a Summary Snapshot displays below the calculator.
- Enter Seller Concessions as a dollar amount, a percentage, or both — the calculator handles any combination.
- If the BUYER is paying for Title Insurance, uncheck the box at the bottom of the calculator.
- Doc Stamps, Title Insurance and Pro-rated taxes are calculated automatically.
Affordability Calculator
Find out how much home you can afford, and understand exactly how lenders calculate it.
Income
Lenders generally count all these income types, but self-employment, gig, investment, and support income usually needs 2 years of documented history to qualify.
Existing Debts
Lenders add these to your new mortgage payment to calculate your back-end debt-to-income ratio.
Loan & Housing Details
These determine the monthly payment for the home you're considering.
Other Monthly Expenses
These are real costs you'll still need to budget for, but lenders don't include them when calculating what you can borrow.
TECHNICAL STUFF (for the 3 people who want to know!)
The calculator uses the following formulas for calculations.
- DOC STAMPS: Calculated at 0.70c per $100 of sale price.
- TITLE INSURANCE: Calculated by the property sale price:
- $5.75 per $1,000 (first $100K)
- $5.00 per $1,000 ($100K–$1M)
- $2.50 per $1,000 ($1M–$5M)
- $2.25 per $1,000 ($5M–$10M)
- $2.00 per $1,000 (over $10M)
- PRO-RATED PROPERTY TAXES: Calculated by pro-rating the tax amount you enter into the calculator.