Renter Mortgage Affordability Calculator

The Amortizing Loan Calculator will allow you to enter the monthly mortgage payment to figure out or calculate the loan amount. On the other hand, you can also enter the loan amount and the Amortizing Loan Calculator will calculate the monthly mortgage payment.

Looking for more personalized rates? Compare rate quotes from lenders and brokers, then return to our Amortizing Loan Calculator.

How much can a renter afford to borrow?
You can figure out the size of the mortgage you can afford based upon your monthly rent payment, the expected annual property tax and homeowner's insurance. You can also determine the home price you can afford at different percentages of down payment.
Monthly Rent Payment ($)
Expected Mortgage Rate (% per annum)
Mortgage Period (Years)
Expected Annual Property Tax ($)
Expected Annual Home Insurance ($)
How much mortgage could I afford based on currently pay out in rent?
Downpayment (%)	0 %	5 %	10 %
Mortgage you could afford
Down Payment Amount
Total Price of home

More Information

An amortization schedule for a mortgage helps a borrower see how the monthly mortgage payments that they make are applied to their principal balance of the mortgage, and how much is applied toward the interest paid on the mortgage. An amortized mortgage has equal monthly mortgage payments, so when the term of the mortgage comes to end the mortgage is paid in full. For example, a 30-year fixed mortgage is amortized over a 30-year period so that the equal monthly payments paid over the 30 years will pay off all of the interest and principal balance of the mortgage so that the remaining balance is $0.