Purchase Budget Calculator
When looking to buy a home, you'll want to decide your purchase budget. Our home affordability purchase budget calculator considers a few key factors, including your household income, monthly debts (such as auto and student loan payments), and the down payment to determine how much you can afford.
Before taxes — include everyone applying with you.
Car loans, student loans, credit card minimums. Don't count rent or utilities.
What you plan to put down. Gift funds count.
Pre-filled with a typical 30-year fixed rate. Your actual rate depends on your full picture.
Your Estimated Price Range
$—
From a comfortable budget to your upper limit
With these debts and income, the numbers are tight — but a tight calculator isn't the final word. Our team looks at your full picture and finds options a formula can't.
Monthly payment (comfortable)$—
Principal & interest$—
Est. property taxes$—
Est. homeowners insurance$—
Est. mortgage insurance (PMI)$—
That's your estimate — now see what you actually qualify for.
See What You Qualify For
No SSN · No hard credit pull · About 2 minutes
Estimate only — not a loan approval or commitment. Assumes a 30-year fixed loan and a 43%–50% debt-to-income range; tax and insurance figures are Connecticut estimates and vary by town and property. Your actual budget is set by a full review from our Approval Team. AFC Mortgage Group, LLC · NMLS #2801 · Equal Housing Lender.
See What You Qualify For
You've estimated your budget — now find out what you actually qualify for. No SSN, no hard credit pull, about 2 minutes. A real person from our team follows up with your options.
Affordability Questions, Answered
Straight answers — the same ones we give on the phone.
Is this how much I'm approved for?
No — it's an educated estimate based on the numbers you entered. A real pre-approval means our Approval Team reviews your credit, income, and assets, and you get a letter agents and sellers take seriously. The calculator gets you in the right neighborhood; the pre-approval gets you the keys.
Why do you show a range instead of one number?
Because there isn't one number. The low end is a comfortable budget (about 43% of your gross income going to debts including the house), and the high end is the upper limit many loan programs allow (about 50%). Where you should land in that range depends on your life — not just a formula.
What counts as "monthly debts"?
Car payments, student loans, credit card minimum payments, personal loans, and obligations like child support. Don't count rent, utilities, groceries, phone bills, or subscriptions — lenders don't.
Do I really need 20% down?
No — that's one of the most stubborn myths in home buying. Conventional loans start at 3% down, FHA at 3.5%, and VA and USDA can be zero down. Connecticut first-time buyers may also qualify for CHFA down payment assistance. Putting under 20% down adds PMI, which this calculator already includes.
What is PMI, and do I pay it forever?
Private mortgage insurance — a monthly charge lenders add when you put less than 20% down. On conventional loans it drops off once you reach about 20% equity, through payments or your home's value rising. It's a stepping stone, not a life sentence.
Why are the property taxes in my estimate so high?
Connecticut. We estimate about 1.9% of the home's value per year, which is a realistic statewide average — but it swings a lot by town, since each one sets its own mill rate. Part of finding the right home here is finding the right tax bill.
How accurate is the interest rate?
It's a typical 30-year fixed rate, kept current with the weekly market average. Your actual rate depends on your credit score, down payment, property type, and loan size — which is exactly what the two-minute quote below figures out.
Does using this calculator affect my credit?
Not at all. Nothing on this page touches your credit — and even the "see what you qualify for" form below needs no SSN and does no hard credit pull.
What's the difference between this estimate and a pre-approval?
This estimate is math on numbers you typed. A pre-approval is our Approval Team verifying your income, assets, and credit, and standing behind a specific number in writing. And unlike most lenders' letters, AFC pre-approvals don't expire — yours stays valid as long as your income, assets, and credit haven't changed.
I'm self-employed — will my income count?
Yes. Use your average net income here for a rough idea, but know that we have loan programs built for self-employed buyers — including bank statement loans that qualify you on cash flow instead of tax returns. Worth a conversation before you assume a number.