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The Home Buyers Guide to

How Much House Can You Afford?

What Can I Afford?

A complete resource for new home buyers

When buying your first home, you’ll likely have a lot of questions.

The first thing you should do is find out how much house you can afford. Once you know this, you can start building your personalized home buying team.

Pro Tip: Most first-time home buyers go with a 30-year loan term but there are other loan terms available such as a 20-year or even 15-year mortgage.

art woman at desk using calculator


What's My Monthly Payment?

Enter your numbers to estimate an affordable monthly payment based on your monthly after-tax income. These numbers are meant only to help build a better idea of your financial situation, to get expert advice, connect with an expert.

Monthly Payment:


affordability graph legend

Affordable Home Prices With Your Recommended Payment

$107,844.08 house with $9,804.01 down. (10%)

$117,648.09 house with $19,608.02 down. (20%)

$127,452.10 house with $29,412.02 down. (30%)

These examples use the loan term provided and assume a fixed-rate mortgage with an interest rate of 6%.

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.


Budget Breakdown

It can be a struggle to figure out your initial home buying budget but it’s best to have an overall game plan once you start thinking about purchasing a home. Get a head start and become a home buying budget boss:

Down Payment:

3.5 - 20+%

of loan amount

Closing Costs:


of loan amount

Mortgage Payment:

Principal + Interest +
Property Tax + Insurance


How Much Does It Cost?

The true cost of a mortgage is just not your monthly mortgage payment. Much more goes into it. Here are the most common fees and services that go into your mortgage so you’ll know what to expect.

Down Payment

Cash that you will pay up front on the final price of your home before the mortgage starts.


The amount you have borrowed for your home and will need to pay back. If you purchase a home for $250,000 that is the amount of principal you owe.


The amount you are being charged in order to borrow the money. Interest is based on your principal sum. If you pay $250,000 in principal with a 4% interest rate, you will pay about $10,000 each year in interest until the loan is paid off.


Homeowner’s insurance is required. Private Mortgage Insurance (PMI) is for conventional home loans when you pay less than 20% toward your down payment. You will pay Mortgage Insurance Premiums (MIP) if you have an FHA loan.

Closing Costs

These costs are part of your final contract. Most home buyers pay 2-5% of the loan amount in closing fees which usually include: application fee, processing and insurance fees, property taxes, and title company expenses.

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By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive SMS text messages sent by an automatic telephone dialing system. Message and data rates may apply. Message frequency may vary. Text the word HELP to 615-488-4941 for more information. You can opt out by responding STOP at any time. For more information, read our Privacy Policy, Mobile Policyand Terms & Conditions. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

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