Mortgage Affordability Calculators

However, your home and the mortgage you use to pay for it have to make sense financially. The last thing you want is to feel squeezed each month by your mortgage payments, worrying about making ends meet.

Using a mortgage affordability calculator, mortgage payment calculator, and similar tools can make your financial position a little clearer. You can take the many factors of a mortgage, from the interest rate to the down payment, and adjust them as needed. Then, you can calculate what matters on a practical level: your monthly payment.

1. Mortgage Payment Calculator: Also called an amortization calculator and loan payment calculator, this tool will show a hypothetical monthly payment. It can also break down the split between principal and interest for each payment.
   
2.  Mortgage Payments Comparison: Compare two loan options with this tool. It works as a mortgage loan interest calculator, too, helping you see the difference between interest rates on fixed- and variable-rate loans.
3. Mortgage Affordability Calculator: Find the mortgage payment that aligns with your income, expenses, and debts. This monthly mortgage payment calculator can make it easy to find the ideal terms and conditions for your home loan.
4. Mortgage Prepayment Calculator: At Innovation, you get a mortgage prepayment option that saves you money across the life of your loan. Use this mortgage rate calculator to see your potential savings!

With our simple mortgage calculators, you can find the sweet spot for your total mortgage value and monthly payment based on your specific income.

Mortgage Affordability and Payment FAQs

What is the 28/36 Rule?

This rule is a simple way to remember what you can likely afford for a mortgage, based on monthly income and expenses. You shouldn’t spend more than 28% of your monthly pre-tax income on housing expenses. Similarly, no more than 36% should go toward debt (including but not limited to your mortgage). Many lenders use this rule to help determine loan eligibility.