Mortgage Affordability Calculator 2 Incomes

Mortgage Affordability Calculator (2 Incomes)

Mortgage Affordability Calculator

Estimate how much mortgage you can afford based on your combined household income.

Income 1 ($) Income 2 ($) Monthly Debt Payments ($) Interest Rate (%) Loan Term (Years) Affordable Monthly Mortgage Payment ($)

This mortgage affordability calculator helps you estimate how much mortgage you can afford based on your household income and debt.

Mortgage Affordability Formula

Affordable Mortgage = (Total Household Income – Monthly Debt Payments) × Loan Factor

Example Calculation

Combined Household Income = $7,000
Monthly Debt Payments = $1,000
Interest Rate = 3.5%
Loan Term = 30 years

Why It Matters

Understanding your mortgage affordability helps you find a home within your budget and avoid financial strain.

Tips for Managing Your Mortgage

Consider the total cost of homeownership including taxes, insurance, and maintenance when setting your budget.

FAQs

What is the best debt-to-income ratio for a mortgage? A ratio below 36% is generally considered ideal by most lenders.

Can I afford a higher mortgage? It depends on your other financial obligations and your comfort with taking on additional debt.

function calculateMortgage() { const income1 = parseFloat(document.getElementById(“income1”).value); const income2 = parseFloat(document.getElementById(“income2”).value); const debt = parseFloat(document.getElementById(“debt”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100; const loanTerm = parseFloat(document.getElementById(“loanTerm”).value); if (isNaN(income1) || isNaN(income2) || isNaN(debt) || isNaN(interestRate) || isNaN(loanTerm) || income1 <= 0 || income2 el.value = “”); document.getElementById(“affordableMortgage”).value = “”; }