FizzyTools
How much house can I afford?
Enter what you can spend each month on everything, and see the home price that fits, with taxes, insurance and mortgage insurance included. Free, and your numbers never leave your device.
How it works
- 1Pick your countryIt sets the loan types, insurance rules and currency.
- 2Enter the home and loanPrice, down payment, rate and term, plus taxes and insurance.
- 3See the real monthly costEvery part of the payment, when insurance ends, and what extra payments save.
How it's worked out
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan, r the rate per payment and n the number of payments.
- Rate per payment: the yearly rate ÷ payments a year when it compounds as often as you pay. Otherwise
(1 + j ÷ c)^(c ÷ k) − 1for a yearly rate j compounded c times a year and k payments a year: 5% compounded twice a year is 0.4124% a month. - Each payment first pays the interest on what you still owe (rounded to the cent); the rest repays the loan. The last payment clears what is left.
- Property tax and home insurance are yearly amounts, HOA and other costs monthly; each rises by its yearly increase on every anniversary.
- US PMI is a yearly % of the original loan. It usually ends when the balance is scheduled to reach 78% of the original value on the original schedule; you can ask at 80%.
- FHA and USDA yearly premiums are worked out on each year's average scheduled balance; upfront premiums and fees are added to the loan unless you pay them in cash.
- Accelerated payments: the monthly payment ÷ 2 every two weeks (or ÷ 4 every week).
Sources: the standard amortization formula; each country's rules and their official sources are listed under “Rules used” above.
Questions
What does the budget include?
Everything paid each month: principal and interest, property tax, home insurance, mortgage insurance and HOA. Enter them under Costs.
Does this check what a lender will approve?
No. Lenders also look at your income, debts and credit, using their own rules. This shows what fits your monthly budget.
How is the monthly mortgage payment worked out?
With the standard formula P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan, r the monthly rate and n the number of payments. $320,000 at 6.5% for 30 years is $2,022.62 a month for principal and interest.
What is included in the monthly payment?
Principal and interest, plus property tax and home insurance, and mortgage insurance and HOA fees where they apply. Lenders often collect taxes and insurance with the payment. The amounts here are the ones you type, so they are estimates.
When does PMI end?
In the US, under the Homeowners Protection Act, PMI usually ends automatically when your balance is scheduled to reach 78% of the home's original value, and you can ask to cancel it at 80% if your payments are up to date and the value hasn't fallen. It ends at the latest halfway through the loan. Some loans follow other rules, so check with your lender.
How do FHA mortgage insurance and the VA funding fee work?
FHA loans have an upfront premium of 1.75%, usually added to the loan, and a yearly premium from 0.15% to 0.75% depending on the term, the loan amount and the down payment, for 11 years or the whole loan (HUD Mortgagee Letter 2023-05). VA loans have a one-time funding fee from 1.25% to 3.3% depending on the down payment and whether you've used the benefit before; some veterans don't pay it. VA loans have no monthly mortgage insurance. Not affiliated with HUD or the VA; your lender confirms eligibility and fees.
How much do extra payments save, and do they end PMI sooner?
Every extra amount goes straight to the balance, so you pay no more interest on it. On $320,000 at 6.5% for 30 years, $200 extra a month finishes in 281 payments instead of 360. Extra payments bring forward the date you can ask to cancel PMI at 80%; the automatic 78% date follows the original schedule.
Is paying every two weeks worth it?
Paying half the monthly payment every two weeks adds up to one extra monthly payment a year. On $320,000 at 6.5% for 30 years it finishes in about 24 years. Check how your lender applies the payments and whether it charges for the plan.
How much house can I afford on my budget?
Choose Solve for: Home price and enter what you can spend each month on everything: the loan, taxes, insurance and fees. Lenders also look at your income and debts, which this calculator doesn't cover.
Why do Canadian mortgages compound twice a year?
Canadian fixed-rate mortgages are usually quoted with interest compounded twice a year, and the Interest Act requires the rate to be stated yearly or half-yearly. 5% compounded twice a year is 0.4124% a month, a little less than 5% ÷ 12.
How does mortgage default insurance work in Canada?
With less than 20% down, the mortgage must be insured. The premium is 0.60% to 4.00% of the loan (4.50% with a non-traditional down payment) depending on the down payment, and is added to the loan. You need at least 5% down on the first $500,000 and 10% on the rest, and insured mortgages are available below $1.5 million. Ontario, Quebec and Saskatchewan charge sales tax on the premium at closing.
What is lenders mortgage insurance in Australia?
Lenders usually charge it once when you borrow more than 80% of the price. Each lender and insurer sets its own price, so enter the quote you get. With the Australian Government 5% Deposit Scheme you can buy with a 5% deposit without it, up to a price cap for your area.
How much can I borrow in India or the UAE?
In India, the RBI limits home loans to 90% of the property's value up to ₹30 lakh, 80% up to ₹75 lakh and 75% above. In the UAE, the Central Bank limits first-home loans to 80% for residents and 85% for nationals (70% and 75% above AED 5 million), less for later and off-plan homes, for up to 25 years. Lenders decide within these limits.
Are my numbers sent anywhere?
No. Everything is worked out in your browser. A shared link carries the numbers after a #, a part of the link that browsers don't send to servers.