Wondering How Much Mortgage You Can Afford? Here’s How to Calculate It

Many people are aware of the financial commitment that is involved when investing in a home, but what that amounts to is different for every person. From what you can afford to what a lender will allow, there are plenty of details involved in determining the right home for you. If you’re not quite sure what the right price is, here’s how to approach home ownership and determine your debt-to-income.

Utilize the Calculators on My Website

Visit my website at www.JPCookAZRealEstate.com.  Click on ‘Buyers’ then utilize the Affordability Calculator, which will tell you how much house you can afford with your current income and expenses.  You can also utilize the Mortgage Calculator to determine how much your monthly house payment will be.

Do it Yourself:  Calculating Your Debt-To-Income Ratio

You may not know what your DTI ratio is, but it has a lot to with how much home you can afford. In order to calculate this amount, add together all the debts you owe each month and divide them by your monthly pre-tax income. For example, if your credit card is $150 and your rent is $900, your debt amount would be $1050. Divide this amount by your income, say $2500, to get 0.42. This means your DTI ratio is 0.42 or 42%.

What Your DTI Means

While a DTI in the high 20s or low 30s is good, anything that hovers above 43 percent may serve as a red flag to the lender. The lower your DTI ratio is, the more likely it is that a lender will approve your mortgage application since you’ll have the disposable income to deal with financial hurdles. If your dream home has you hovering close to this amount, it may be a sign that it’s a bit out of reach.

How Do You Want To Live?

It’s quite common to be taken over when you find your dream home and decide to commit. However, buying a home is a huge financial commitment, and if you’re buying more than you can afford it may drain your well-being over time. Instead of diving in, determine other expenses that are likely to come up in the next few years, whether it’s travel, a child or a new car. It’s important to have the home you want and budget when buying it, but you’ll still need to financial wiggle room in case something comes up.

There are a lot of factors involved in determining how much house you can afford, but by calculating your DTI ratio and being aware of your spending plans, you’ll be well on your way to an ideal price range.  Give me a call for more information – J.P. Cook – 602-320-4253.

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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

376 N Iron Horse Drive Coolidge, AZ 85128

$1,300,000

6 Beds

4.5 Baths

3,121 SqFt

Status Active

MLS # 6751108

Property Type Single Family Residence

Price Type --

TWO PARCELS are included in the sale for a total of 5 acres! Stunning 5 bd/4 bath rustic home situated on a 2.5 acre lot featuring resort style pool and a 1 bd Casita with kitchen. Formal dining room, gourmet chef's kitchen, custom cabinetry, broken edge granite counters, center island, breakfast bar, pantry, SS appliances, & French doors to the patio. Generous size bedrooms, ample closets & upscale travertine baths. Oversized doors, 12' ceilings, travertine floors, grid ceiling in the den, hand hewn beams throughout. The primary bedroom offers patio access, plush carpet, & private en suite w/dual sinks. House includes 8 insulated garage spaces. Enjoy the backyard covered patio, lush green grass, outdoor kitchen & exquisite pool. NEW BUILT HORSE STALLS! Horse shades, 24X40 hay barn, 2000 sq ft non-climbable horse fence. Surrounded by fantastic mountain views!

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2620 W Wolftrap Road New River, AZ 85087

$1,300,000

4 Beds

3.5 Baths

3,728 SqFt

Status Active

MLS # 6752662

Property Type Single Family Residence

Price Type --

Perched on a 1-acre lot with no HOA, this impeccable home was newly built in 2021. Over $300k in upgrades have been added! Offers the perfect blend of modern luxury and rural serenity. Located in one of New River's most picturesque neighborhoods with well-paved streets, this spacious 4-bedroom, 3.5-bath residence showcases breathtaking mountain vistas and expansive desert views—ideal for those seeking peaceful, wide-open spaces outside of the city yet just 10 minutes from shopping and dining conveniences. As you step inside, you'll immediately appreciate the meticulous attention to detail. The open layout is designed to maximize the panoramic views from every room, enhanced by custom wall treatments and elegant finishes throughout. The main level is thoughtfully designed for single-level living with a welcoming great room with fireplace, an open kitchen with large island, and the luxurious primary suite. This private retreat features a spa-like bath with a freestanding tub, dual vanities, and a generous walk-in closet with direct access to the laundry room, offering ultimate convenience. Also on the main level is an Air Conditioned 4-car Garage, fully equipped with custom cabinetry and an electric vehicle charging outlet. Downstairs is home to a second living room, three additional split bedrooms, two full baths, and an open bonus room providing flexibility for multi-generational living, large families, or long-term guests, with direct access to the large patio and beautifully landscaped backyard. Whether you're entertaining on the covered patio, enjoying a glass of wine on the balcony, or simply taking in the star-filled night sky, this home is perfect for those who value quality, tranquility, and a lifestyle surrounded by wide open spaces. See list of Features & Upgrades in Documents tab. Only 4 minutes to the I-17 and 8 minutes to Great Hearts Anthem K-12. Don't miss the opportunity to make this exceptional property your own!

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3807 E Amberwood Drive Phoenix, AZ 85048

$1,300,000

4 Beds

3 Baths

2,563 SqFt

Status Active Under Contract

MLS # 6730016

Property Type Single Family Residence

Price Type --

Rare opportunity to own a fully remodeled single level home on the water in Lakewood Estates with a three car garage. Relocation makes this amazing home available. Split 4 bedroom plus office and three full baths. Specatular sunsets on this electric boating lake, catch and release fishing, walking paths through the greenbelt, childrens parks and close to the airport and great restuarants! Newer window, newer HVAC, all newer appliances, fixtures and lighting, newer gargae cabintry and outdoor ramada! Mature fruit trees and beatiful boat dock make this the perfect setting for entertaining in the semi custom home on the fresh water lake in Lakewood East Lake Estates.

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7538 E Larkspur Drive Scottsdale, AZ 85260

$1,300,000

4 Beds

2.5 Baths

2,726 SqFt

Status Active

MLS # 6728734

Property Type Single Family Residence

Price Type --

Nestled in Scottsdale, this fully remodeled four-bedroom, 2.5-bath home epitomizes turnkey elegance. Bright interiors complement modern upgrades, offering a seamless blend of style and comfort. Minutes away from Kierland Commons, The Quarter, top-rated schools, golf courses, and restaurants; convenience meets luxury. The resort-style backyard beckons with a putting green and sparkling pool, ideal for relaxation and entertainment.

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31709 N 55th Way Cave Creek, AZ 85331

Open House

$1,300,000

3 Beds

3.5 Baths

3,342 SqFt

Status Active

MLS # 6745697

Property Type Single Family Residence

Price Type --

Welcome to Santolina. Enjoy exclusive access to community amenities, including walking trails, recreational areas, and more. This home is not just a place to live, but a lifestyle to be experienced. An exquisite luxury residence nestled in the highly sought-after gated community in Cave Creek, this stunning property boasts unparalleled mountain views that will take your breath away. It features three bedrooms + den, 3.5 Baths, a great room, soaring 10' & 12' ceilings throughout, & low maintenance. Step inside to discover a meticulously designed interior that exudes elegance and sophistication. With spacious living areas, high-end finishes, and an abundance of natural light, this home offers the perfect blend of comfort and luxury. The gourmet kitchen features top-of-the-line appliances, custom cabinetry, and a large center island, making it a chef's dream. The expansive master suite is a private oasis, complete with a spa-like bathroom and a generous walk-in closet. Additional bedrooms are well-appointed and offer ample space for family and guests. Outside, the beautifully landscaped yard provides a serene backdrop for relaxation and entertainment, featuring a covered patio, outdoor BBQ, lush greenery, and stunning views of the surrounding mountains.

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105 E Claremont Street Phoenix, AZ 85012

Open House

New

$1,300,000

5 Beds

3 Baths

2,984 SqFt

Status Active

MLS # 6780206

Property Type Single Family Residence

Price Type --

Nestled in the desirable North Central Corridor, this inviting single-level home offers modern comforts combined with classic appeal. Sitting in a private cul-de-sac, this home boasts a large front yard with mature trees and a peaceful sitting area. Inside, find a spacious open floor plan with updated kitchen and living areas. With 4 bedrooms, 3 bathrooms, and a cozy casita adding 121 sq ft, there's ample space for all. The sizeable backyard is a true oasis, featuring play-pool updated in 2021, water feature, and new equipment. An expanded covered patio with Travertine tile is perfect for entertaining or relaxing. Additional features include split floorplan, new concrete tile roof, driveway with pavers, 2 fireplaces, no HOA, proximity to Bridal Path and many coveted schools, and opportunity to add your personal touch. Well-priced and in a prime location, this home is a remarkable find.

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18118 E Parker Creek Road Rio Verde, AZ 85263

$1,299,999

2 Beds

2.5 Baths

2,619 SqFt

Status Active

MLS # 6764719

Property Type Single Family Residence

Price Type --

Located in the desirable Trilogy at Verde River, an amenity-rich guarded gate community with breathtaking mountain views, this luxurious home offers the Cordova layout with a casita. Featuring 2 bedrooms, an office, 2.5 bathrooms, and a 4-car tandem garage, no detail was overlooked in its design. The gourmet kitchen boasts Quartz countertops, high-end stainless-steel appliances, a tile backsplash, and a kitchen island with a breakfast bar. The spacious great room includes a cozy fireplace, while extras like a wine bar and high-end window blinds enhance the living experience. The primary suite offers a door to the back patio and a lavish ensuite bathroom with a separate shower, soaking tub, dual sink vanity, and walk-in closet. The casita includes a seating room with a kitchenette and a bedroom with an ensuite bathroom, ideal for guests. Outside, enjoy beautifully designed landscaping with paver stones, a fire table, an anti-snake fence, and an expansive covered patio complete with 2 ceiling fans and stunning mountain views! Additional features include a soft water system, a R/O system, huge laundry room with upper and lower cabinets, built-in desk, and a sink. This spotless home is a rare find! The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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29851 N 78th Way Scottsdale, AZ 85266

$1,299,999

4 Beds

2.5 Baths

2,879 SqFt

Status Active

MLS # 6768319

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Check out this wonderful 4 bed, 2.5 bath residence now on the market! Nestled on a premium corner lot w/fantastic mountain views & featuring great curb appeal, desert landscape, and a 3 car garage. Inside you will find a spacious open floor plan w/high ceilings, elegant new flooring, luxurious light fixtures, neutral palette throughout, and a cozy fireplace. The formal dining room is ideal for hosting a dinner party! Prepare delicious meals in this gorgeous kitchen, comprised of wood cabinetry w/granite counters, a pantry, stainless steel appliances, and a lovely island. Double doors open up to the primary bedroom, showcasing a walk-in closet, and a lavish ensuite w/dual vanities. Don't forget about the large den, perfect for an office or lounge area. Lastly, the expansive backyard includes a covered patio and a sparkling blue pool/spa combo! The home of your dreams is here, hurry and act now!

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13512 N Granite Way Fountain Hills, AZ 85268

$1,299,999

4 Beds

4.5 Baths

3,269 SqFt

Status Active

MLS # 6675282

Property Type Single Family Residence

Price Type --

Here's a rare chance to own a home in Sunridge Canyon, cherished by its owner for over 25 years. This spacious 4-bedroom, 4.5-bathroom home features a family-friendly split master floor plan. Situated on more than 34,000 square foot lot (+/-.78 acres), you'll enjoy vaulted ceilings and stunning views of the mountains and Sunridge Canyon golf course. The backyard boasts a beautiful negative edge pool and spa as well as a built in BBQ island. Inside, the living room impresses with cantera stone floors and a natural gas fireplace. The primary bathroom seamlessly blends with the surrounding natural environment. Every room is generously sized and offers great views. This lovely home will make you feel right at home.

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1921 S Santa Anna Drive Chandler, AZ 85286

$1,299,999

5 Beds

3 Baths

3,824 SqFt

Status Active Under Contract

MLS # 6723948

Property Type Single Family Residence

Price Type --

Rare chance to own a recently remodeled home in the heart of Chandler that features a 4-car garage and resort style backyard. Located in the highly desirable gated community-Germann County Estates, you have easy access to multiple freeways, shopping, restaurants, and entertainment. Walk in the front door working on your golf game, cutom patio coverings with misting systems, oversized pool, jacuzzi, sunken kitchen with swim-up-bar, custom area for golf simulator, RV gate, and custom lighting all around. Don't miss this opportunity as they don't come very often in this area!

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9252 E Whitethorn Circle Scottsdale, AZ 85266

Open House

$1,299,995

3 Beds

3 Baths

2,699 SqFt

Status Active

MLS # 6775889

Property Type Townhouse

Price Type --

Here's your opportunity to live in the Splendor of The Boulders Resort & Spa Scottsdale. Luxury awaits you with this 2699 sq. ft fully furnished, turn key villa townhome, tucked away on a quiet cul-de-sac with community pool and adjacent to the Boulder Resorts. Whether you're looking for a primary residence, vacation home, or an investment property with exceptional rental income potential, this home delivers on all fronts. This 3 bedroom/3 bath home has vaulted ceilings with charming vegas, open living room with fireplace, large family room with space to accommodate casual entertaining and dining as well. Spacious Primary Suite with large second closet that can be locked as owner storage. Both guest rooms have private bathrooms. Two car garage. Wrap around patios to dine and unwind. A 33,000 sq. ft. luxurious spa, championship golf and exclusive service await in a uniquely dramatic setting - 1,300 acres of the Sonoran Desert foothills with panoramic views of 12-million-year-old boulder formations. Besides 2 championship golf courses, this sprawling resort has plenty of on-site recreational activities such as racquet sports pavilion including 12 newly expanded pickle ball courts and tennis, swimming, hiking and rock climbing, cooking classes, etc.. If that wasn't enough, the stylish restaurants offer captivating views from every turn or relax and enjoy the new main pool.

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32853 N Bell Road Queen Creek, AZ 85144

New

$1,299,990

4 Beds

3 Baths

2,637 SqFt

Status Active

MLS # 6781128

Property Type Single Family Residence

Price Type --

Welcome to your dream home, built in 2023 by San Tan Homes. This impressive property spans 2,637 square feet and features a carefully designed layout with 4 bedrooms and 3 bathrooms; sitting on over 2 acres (2 parcels)at the base of the San Tan Mountains. 2 bedrooms are separated with their own shared full bath while the 3rd bedroom is complete with its own bathroom for ultimate privacy and comfort. The open kitchen has plenty of cabinet space and a large island overlooking the spacious family room. The primary suite opens to a beautiful outdoor living space, offering a serene retreat. Dual vanity, a large shower, and a very spacious closet. Outdoor living is a highlight of this home, with multiple inviting spaces including a front courtyard and a full covered patio off the family room The backyard boasts a private pool and a gazebo, perfect for entertaining or relax and unwind. This home has a 4 car garage PLUS a 40x40 dual RV garage/shop with outdoor powder room for convenience. Experience luxurious, easy living in this thoughtfully designed home that truly has it all!

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