Shannon's affordability calculator helps you estimate how much money you may be eligible to borrow and how much home you can afford. This mortgage calculation should be your first stop in your quest to buy a house, as it allows you to set realistic expectations about what you can buy and how much of your income you should expect to devote to your loan payment.

Our affordability calculator is easy to use and will give you your mortgage calculation in a matter of seconds. Simply enter:

1. your annual income before taxes
2. the percentage of that income you can realistically set aside for your mortgage payment
3. the percentage of the total home price that you expect to pay as the down payment
4. your annual mortgage interest rate
5. the term - or duration, in years - of your mortgage loan
6. your expected annual property tax and insurance costs.

You will probably have to estimate some of these values, as you haven't yet determined your interest rate or home ownership costs. That's fine; the purpose of this mortgage calculation is to get a ballpark figure of home prices that you can afford so that you can begin looking at houses in your price range.

Please note that this mortgage calculation is only an estimate and can vary based on changing interest rates and your credit history and eligibility to obtain a loan. This calculation does not offer or guarantee any terms for a particular loan. To determine actual loan costs under a specific loan program, or to ask any questions about your mortgage calculation, please contact me toll free at 1-800-282-3939.