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Mortgage Affordability Calculator

Deciding when to buy your first or next home is a big decision. As the market begins to level out after record-high home prices, you may wonder if now is the time to consider making a home purchase. TruWest Credit Union is here with experienced loan experts who understand the experience of Arizona and Texas residents, and we can help you navigate the process of financing your new home. 

Use our mortgage affordability calculator to see how close you are to your goal of home ownership, and read on to learn more about how you can prepare for your mortgage now. Let’s begin by covering a few basic questions that will help you evaluate your current circumstances.

  • How much mortgage can I afford?

Use our mortgage affordability calculator to see real numbers based on your individual situation. In general, your entire monthly mortgage payment, including your principal or actual loan amount, interest, taxes, and insurance, should be no more than 28% of your gross monthly income. 

  • How does your debt-to-income ratio impact affordability?

Loan officers will work with you to make a mortgage something you can reasonably afford, and to help you know that you can afford your monthly mortgage payment, they will look for a debt-to-income ratio of no more than 45%. This means that no more than 45% of your monthly gross income should be obligated to outstanding debts, including your new mortgage. 

  • How much can I afford to spend on a house?

In addition to the four parts of your escrow that make up your mortgage, consider how much you can afford to spend on necessary maintenance and upkeep, repairs, and other projects that are expenses you can expect from homeownership. 

  • How much house can I afford on my salary?

Just because you qualify for a certain amount of mortgage does not mean you are obligated to spend that amount. Think about your annual salary and where you want your income to go, and decide how much you want to put toward your housing expenses. 

Home Affordability Begins With Your Mortgage Rate

How affordable a home will be for you is entirely dependent on your mortgage rate. Use our mortgage affordability calculator to see how different mortgages work with your lifestyle goals. 

Home Mortgage FAQs

  • What are interest rates? Interest rates are the amount of monthly interest charged by your lender to distribute and care for your loan. 
  • What are discount points? Speak with an experienced loan officer to find out what additional discounts or opportunities may exist to help you get into the home of your dreams. 
  • What is an origination charge? The origination charge is the one-time fee a lender charges the borrower for creating the mortgage. 
  • How long is a loan term? Mortgages can come in a variety of term lengths, with the most common being a 30-year or a 15-year term. 
  • How can I understand what my monthly mortgage payment will be? Your lender will walk you through the entire process and show you exactly what your mortgage payment will be after you have an accepted offer on a home. 


Using a mortgage affordability calculator can help you see the way different term lengths, interest rates, and down payments work with your annual gross income. These calculations can help you understand what you can expect to spend on a monthly mortgage. This will help you feel equipped to decide when the right time is for you to purchase your next home. 

After using our mortgage approval calculator, get in touch with a helpful, informative loan officer at TruWest Credit Union to make your dream of homeownership a reality. 

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