Thinking About a New Home?

Use this simple calculator to get an idea of what you can afford.

1. Your annual salary (before income taxes) $__________________ (A)

2. Your spouses annual salary, if applicable (before income taxes) $__________________ (B)

3. Other income$__________________ (C)

4. Total income A + B + C = $__________________ (D)

5. Multiply (D) total income by 3.3 to get the approximate size of mortgage you can afford $__________________ (D) x 3.3 $__________________ (E)

6. For a home purchase, determine the money you have for a down payment (including your deposit) $__________________ (F)

7. Add your amount of potential mortgage to your down payment, to help you assess the home purchase price you can afford E + F = $__________________ (G)

Note: Any fixed expenses may reduce he amount you can afford.