You may need to pay this amount upfront, though it’s sometimes possible to roll it into your home loan. Closing costs: These usually range from 2% to 5% of your loan amount.Down payment and mortgage insurance requirements for other types of home loans can vary. Down payment: Most conventional mortgage lenders require a down payment of at least 3%, though you’ll need to put down 20% if you want to avoid private mortgage insurance (PMI).Here are some other home expenses to factor in: When determining how much house you can afford, remember that your mortgage isn’t the only cost you’ll need to account for. Tip: Expand the calculator to see more details like your predicted amortization schedule - that is, how your monthly payments will be applied to your mortgage and interest charges over time. Hit “calculate.” The calculator will show you the maximum home price and monthly payment you can reasonably afford - including the principal and interest on your mortgage as well as property tax, homeowners insurance and any HOA fees you’ll have to cover.But if you know exactly what these costs will be, you can also enter them yourself. Estimates based on your location will be added for your monthly property tax, homeowners insurance and any homeowners association (HOA) fees you’ll be responsible for. For example, this might include payments toward student loans, your car, credit cards and more. Then you’ll fill out the total amount you pay toward any debt each month. If you’re not sure what your mortgage rate will be, you can fill in the current average mortgage rate. Next, you’ll need to provide your desired mortgage repayment term (30 years is most common), down payment amount and mortgage interest rate. This should be your annual, pre-tax household income. This home affordability calculator can help you figure out how much house you can afford to purchase based on both the total cost of the home and your monthly mortgage payment. How to calculate how much house you can afford
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