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Ultimate Home Affordability Calculators & Resources

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By on Aug 24, 2020
Ultimate Home Affordability Calculators & Resources

Buying a new home is an exciting moment in a person's life. But it is vital that the excitement of purchasing a new home does not cloud one's judgment. Purchasing a home without planning ahead financially for the responsibility of home ownership can lead to a great amount of debt. Using home affordability calculators is a great starting point for determining a price range that is suitable for a specific budget. Mortgage calculators and monthly budget calculators are also very useful in planning for home ownership.


Home Affordability

When purchasing a new home, home affordability is a very important factor. The cost of homes can vary greatly depending upon factors such as the size of the home, the amount of property included and the location. Home affordability calculators take into account income and other expenses to determine an ideal price range. Through the use of home affordability calculators, prospective homeowners can determine how much they are able to afford and make adjustments to their size, property and location desires accordingly.

  • Homeowner Affordability and Stability Plan: Home affordability is discussed and a calculator is provided in this guide to provide specific details on a case-by-case basis.
  • The Impact of Zoning on Housing Affordability (PDF): Zoning can have a large impact on the affordability of a home, and this resource explains why this is the case.
  • Home Affordability Intelligence (PDF): Being knowledgeable about home affordability is the first step for many homeowners. A large amount of information about home affordability is discussed within this guide.
  • Making Home Affordable: This organization focuses on making home ownership affordable.
  • Home Affordability Calculator: Using this home affordability calculator takes other finances into account along with mortgage terms to ensure that the payments are affordable.
  • Affordability Calculator: This website provides an affordability calculator that makes it simple to determine how much money should be spent on rent or mortgage payments each month.
  • How Much House Can I Afford?: Home affordability is the focus of this guide, which has detailed information and calculators to determine a price range.
  • Can I Afford to Buy a House?: A detailed guide features a calculator and details the basic concepts involved with budgeting and home ownership.
  • Mortgage Affordability Calculators: Various mortgage affordability calculators are featured on this website, including fixed rate and ARM mortgage loan types.
  • How Much Home Can I Afford?: A resource for determining home affordability through the use of a home affordability calculator is available here.
  • Home Budget Calculator: Within this resource, a calculator that totals all monthly expenses to determine a home budget is featured.

Mortgage Calc

Mortgage Information and Calculators

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Those in the market for a new mortgage may find all of the options to be rather overwhelming. There are many different types of mortgage loans, from adjustable-rate to balloon mortgages, and it can be difficult to determine which one is the right choice. Mortgage calculators can be helpful in making this decision, as they allow homeowners to calculate the total cost of a mortgage loan with different interest rates and other variables. Because these calculators are able to easily determine the final cost of a mortgage loan, they can be helpful in determining the correct type of loan to save the most money over the years.

  • Amortization Calculator: Mortgage calculators are very helpful in understanding mortgage loans. This tool provides homeowners with basic amortization information as well.
  • Real Estate Mortgage Calculator: A real estate mortgage calculator with basic functions is available for use by homeowners on this website.
  • Traditional and Realistic Mortgage Calculator: This website provides both a traditional and a realistic mortgage calculator for homeowners.
  • Mortgage Loan Calculator: Calculating a mortgage loan can be difficult, as finances such as interest and insurance must also be factored into the loan. This tool enables homeowners to calculate a mortgage that includes all of these factors.
  • Calculating Mortgage Loans (PDF): This document assists homeowners in understanding how to calculate mortgage loans without the use of a calculator.
  • Shopping for a Mortgage: Shopping for a mortgage can be overwhelming for inexperienced homeowners; on this page, homeowners can begin to understand how to find the right mortgage.
  • Common Types of Home Mortgage: There are various types of mortgage loans, and this resource discusses the details of the most common home mortgage loans.

Financial Information and Calculators

Purchasing a home is a huge financial responsibility. Before purchasing a home, it can be helpful to track and analyze monthly budgets to ensure that the maximum amount of money is being saved to put toward a down payment or other home-related expenses. It is also helpful to continue tracking monthly expenses after the home is purchased to be sure that mortgage costs do not take away from other monthly obligations. Using monthly budget calculators is a great way to create and maintain budgets.

  • Budget Calculator: This calculator allows individuals to easily calculate all of their expenses into one monthly figure.
  • Family Budget Calculator: Families often have varied expenses, and this calculator combines all expenses into an easily comprehended monthly budget.
  • Financial Calculators: On this website, users can access a variety of financial calculators to assist with financial planning.
  • Home Budget Analysis Calculator: Using this calculator assists individuals and their spouses in analyzing monthly expenses.
  • Home Expenses Calculator: This website provides another helpful home expense calculator that enables people to analyze their monthly budget.

Home Finances

Home Maintenance and Repair Expenses

Beyond the cost of mortgage payments, homeowners face regular home maintenance costs, such as the cost of home insurance. It is important to develop a budget that includes these costs, as regular maintenance is vital to avoid costly repairs. When a repair is required, however, it often occurs very unexpectedly. Repairs can be costly and may need to happen immediately, which is why financial experts recommend budgeting ahead of time for such expenses.

Location Concerns

The location of a property is generally one of the most important factors for those purchasing a home. It is important to note that home insurance rates and property taxes vary greatly, and one of the factors is location. Before purchasing a home, it is vital to look into the property taxes and terms of insurance. Looking into taxes and insurance terms before purchasing helps determine if the location is affordable in comparison to other nearby locations.

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