How much house can you afford after you sell?
Enter what you expect to net from selling your current home (or zero if you are a first-time buyer), your cash on hand and the monthly payment you are comfortable with. The calculator works backward from that payment at your rate to the most house you can buy, and shows the down payment, PMI and cash left over.
How to use it
- Enter the sale price and payoff of your current home, or leave both at zero.
- Enter your savings and other funds, then set a down payment.
- Set your mortgage rate and target monthly payment to see your maximum price.
Methodology and sources
Maximum loan is solved from the target principal-and-interest payment using the standard amortization formula for a 30-year fixed loan. PMI is estimated at 0.75 percent of the loan per year when the down payment is under 20 percent. Sale proceeds subtract the payoff and an adjustable selling-cost percentage (agent commission plus seller closing costs). Property tax and insurance are estimated separately below the main result.
FAQ
Does this work if I am not selling a home?
Yes. Leave the sale price and payoff at zero and it works as a first-time buyer calculator.
When is PMI added?
When the down payment is under 20 percent, estimated at 0.75 percent of the loan per year.
Are property taxes included?
They are estimated separately below the main result. The headline payment is principal and interest.
Is this a loan approval?
No. It is an estimate. A lender sets your real limit based on income, debts and credit.
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