Calculate how much home you can afford based on your income.
General guideline: you can afford a mortgage of 3-5x your annual income.
Debts reduce your mortgage eligibility.
Use this calculator before making any financial commitment that depends on this type of calculation. Running the numbers in advance lets you evaluate options without the pressure of a live negotiation or decision deadline.
Many financial calculation errors stem from omitting ancillary costs: fees, taxes, insurance, or maintenance. The headline figure (interest rate, monthly payment) is rarely the complete cost of a financial product.
An employee receives a counter-offer from another employer: a £4,000 salary increase but no pension contribution versus the current role's lower salary with 8% employer pension. Running both through the finance calculator shows the true net financial value of each offer.
Approximately $240,000–$400,000 depending on debts, down payment, and interest rate.
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