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Step 1: What can I afford?
Step 2: Home buyer counseling
Step 3: Making an offer
Step 4: Applying for a mortgage
Step 5: The home inspection
Step 6: The closing process

Frequently asked questions
Affordability Calculator


What can I afford?
The information below will allow you to calculate how much you can afford to spend on a home. Keep in mind that many additional factors play a part in the loan qualification process. We recommend that you use the worksheets provided to assess your financial situation when using the affordability calculator.
Estimate a Mortgage Interest Rate
Obtain your credit score and select from the ranges below to estimate your interest rate. Please note that rates for conventional loans and government loans (i.e. FHA, VA, or USDA) vary. If you plan on utilizing a conventional loan, select from the credit ranges below to determine your estimated interest rate. If you plan on utilizing a government loan, you will select the last box to determine your anticipated interest rate.
Credit Range Anticipated Interest Rate Mortgage Type
760 - 850 2.925 % 30 yr. Conv.
700 - 759 3.147 % 30 yr. Conv.
680 - 699 3.324 % 30 yr. Conv.
660 - 679 3.538 % 30 yr. Conv.
640 - 659 3.968 % 30 yr. Conv.
620 - 639 4.514 % 30 yr. Conv.
620 - 850 3.103 % 30 yr. FHA
Estimate a Downpayment
3.5% (Minimum required on FHA loans)
20% (Minimum required to avoid Private Mortgage Insurance with conventional loans)
please specify dollar amount $
Gross Monthly Income
Monthly income before taxes. No pennies, no commas.
Monthly Debt Payments
Credit cards, auto loans, etc. But not utiliites, food, etc.
$ or use the DEBT WORKSHEET

Affordable Amounts
$ -0- Maximum purchase price.
$ -0- Maximum mortgage amount.
$ -0- Monthly principal & interest.
$ -0- Estimated monthly taxes and insurance.
$ -0- Estimated monthly payment (Total of principal, interest, taxes, and insurance.)

Disclaimer: The provided calculations are based upon formulas that are commonly used by lenders for conventional mortgage loans with a thirty year term. The formulas used for government guaranteed mortgage loans, (FHA, VA or USDA) are different, and allow more buyers to qualify. This worksheet is only a guide. Contact a mortgage lender or real estate agent for a thorough analysis of your specific situation.
Affordability Calculator
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Support provided by the  
Wells Fargo Housing Foundation