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Mortgage Affordability Calculator

How Much Home Can I Afford?
Sometimes it’s difficult to calculate how much house you can afford. Using factors such as income, expenses, and mortgage information, it’s possible to see a realistic monthly payment amount. Most sources recommend spending between 28 and 35% of income on mortgage and mortgage expenses, but mortgage size would be up to you and your mortgage lender.
Monthly Income
Monthly Debt Payments
Mortgage Information

Mortgage Affordability Calculator Key Terms:

  1. Annual Property Insurance
    Property insurance can be of great value. While TDECU highly recommends property insurance, legally there is no requirement for property insurance. If you need help finding the right coverage for you, TDECU can help.
  2. Annual Property Taxes
    Property taxes are locally assessed taxes. Your county appraisal district appraises property located in your county, while local taxing units set tax rates and collect property taxes based on those values. For example, your tax rate is 2.03%. So, a $250,000 home would have annual property taxes of just over $5,000. Have questions about your annual property taxes? Your real estate agent may be able to help you.
  3. Child Support/Alimony Income
    Any additional income originating from child support or alimony.
  4. Monthly Auto Payments
    Payments toward your auto loans should be included. In order to reduce loan risk, it is valuable to remember any additional monthly payments you have. If you want to lower your monthly auto payments, TDECU’s auto calculators may help.
  5. Monthly Credit Card Payments
    Enter any monthly obligations you have for credit card payments. TDECU can help you calculate how you may be able to reduce your credit card payments.
  6. Monthly Investment Income
    If applicable, this is income from investments such as stocks, bonds, mutual funds, etc. Need more info on how to increase your investment? Talk to one of our Wealth Advisors.

Our financial calculators are provided as a free service to our members. The information supplied by these calculators is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and are for illustrative purposes, and are not intended to provide investment advice. TDECU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. TDECU recommends you to find a qualified professional for advice with regard to your personal finance issues.