Home Affordability Calculator

Figure Out “How Much House Can I Afford?” in Minutes

Use Salute Mortgage’s free home affordability calculator to estimate the price range and monthly payment that match your budget. Simply plug in your household income, existing debts, projected down payment, and a few cost assumptions—then see an instant snapshot of what you can comfortably buy.

How the Calculator Works — Key Inputs

Field	What It Represents	Why It Matters
Gross Monthly Income	Total household pay before taxes	Forms the base for your spending power.
Monthly Debt Payments	Car loans, credit-cards, student loans, etc.	Lenders use this to measure your debt-to-income (DTI) ratio.
Down Payment (%)	Cash you’ll put down (FHA minimum 3.5 %*)	A larger down payment shrinks both loan size and mortgage insurance.
Loan Term & Interest Rate	10-, 15-, 20-, or 30-year; fixed or ARM	Determines principal + interest portion of the payment.
Property Taxes & Insurance	Local tax rate, homeowners insurance estimate	These recurring costs influence real affordability.

The tool applies industry-standard DTI limits and today’s lending formulas to keep results realistic.

Why Check Affordability First?

• Shop with confidence – Know your ceiling before touring homes.
• Strengthen pre-approval – Arrive at your lender prepared with numbers.
• Avoid payment shock – See the full picture, including taxes and insurance.
• Plan your savings – Adjust down-payment goals or debt-pay-down strategy early.

---

Beyond the Calculator: Other Costs to Remember

• Closing costs: typically 2 – 5 % of the loan amount for fees, title, and escrow.
• Maintenance & utilities: budget 1 % of your home’s value annually for upkeep.
• HOA or condo fees: add these to your housing payment if applicable.

Get Pre-Approved With Salute Mortgage

Ready to turn estimates into reality? Our loan advisors can:

1. Review your calculator results.
2. Verify income, assets, and credit.
3. Issue a same-day mortgage pre-approval so you can make offers with confidence.