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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

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

3168 E Desert Broom Way Phoenix, AZ 85048

$995,000

4 Beds

2.5 Baths

2,945 SqFt

Status Active

MLS # 6780075

Property Type Single Family Residence

Price Type --

Welcome to this stunning TSW home, perfectly nestled in the beautiful Mirada Canyon neighborhood. Recently refreshed with a freshly painted interior, this 4-bedroom, 2.5-bath property offers a thoughtful and spacious floor plan, ideal for comfortable living and effortless entertaining. As you enter, you'll be greeted by a formal dining and living room, perfect spot to relax and gather. The family room and eat-in kitchen are designed to support everyday activities, providing a welcoming space for cooking, dining, and making memories. The master suite is a true retreat, with a large master bath and a generous walk-in closet that's sure to impress. Step outside, and you'll find a sparkling pool for a casual swim or hosting a lively gathering... The expansive backyard provides plenty of room for family gatherings, friendly get-togethers, and enjoying Arizona's beautiful weather year-round. With its inviting layout, fresh interior, and ideal location in peaceful Mirada Canyon, this home has everything you need to live comfortably

View Property

5350 E Deer Valley Drive Unit 1282 Phoenix, AZ 85054

$995,000

3 Beds

4 Baths

2,446 SqFt

Status Active

MLS # 6780600

Property Type Townhouse

Price Type --

Just in time for winter! This charming three-bedroom casita, featuring en suite bathrooms, a loft, an office space, and a private attached garage, is now ready for new owners to cherish! Enjoy stunning back views of the Wildfire golf course at the J.W. Marriott, along with all Toscana amenities, and it's completely turn-key. Just pack your toothbrush, some bedding, and towels, and you can move right in! This unit will be sold furnished* and is impeccably clean! With a gourmet kitchen, two primary suites—one upstairs and one downstairs—this layout ensures privacy for both the owner and guests, plus an extra bedroom as well! Enjoy golf views on the upstairs balcony or private patio. Tons of amenities for resort style living with pools, workout room, and business center. The Toscana Casita is very unique for this community and units do not hit the market often. #1282 has been very lightly lived in since 2018, and only had one owner, purchased as newly constructed. The interior is impeccable, always cared for! When appraised in 2018, this unit has a comparable list, (apples to apples), from Kierland Golf Course townhomes, and Grayhawk Golf Course. There are very few condo/townhomes in the area with golf course views, private garage with direct entry, with full use of amazing amenities, and an amazing walkability score. Unit #1278 recently sold in July of 2024, but this was a family exchange, and no valuation model was applied. The Casitas put an end to apartment type living!

View Property

1 Easy Street Unit 12 Carefree, AZ 85377

$995,000

3 Beds

3.5 Baths

2,283 SqFt

Status Active

MLS # 6782060

Property Type Townhouse

Price Type --

Contemporary, luxury townhome in the heart of idyllic Carefree. Conveniently walkable to galleries, shops, restaurants, pubs and the town center. These were designed as Lock-n-Go with minimal exterior maintenance and maximum lifestyle. This unit is the largest in the community with 2283 SF, 3 BR, 3.5 BA and a Primary suite on each level. This is also the largest lot in The View Carefree with extra space in front and the private back. Highlights include multiple balconies, contemporary metal/cable stair rails, gourmet island kitchen, multiple rain shower heads, laundry areas on each level and efficient gas, tankless water heater. If you want to live in the center of downtown Carefree, there is no better choice, hurry.

View Property

5946 E Sienna Bouquet Place Cave Creek, AZ 85331

$995,000

3 Beds

2 Baths

2,237 SqFt

Status Active Under Contract

MLS # 6756370

Property Type Single Family Residence

Price Type --

GATED LONE MOUNTAIN ESTATES! BIG BLACK MOUNTAIN VIEWS!GORGEOUS & IMMACULATE HOME WITH CONTEMPORARY FLARE~ REMODELED TO PERECTION! !Great room floorplan;ALL NEW FLOORING!Sealed,stained & waxed concrete, new canned lighting throughout;ceiling fans Gourmet kitchen w/BLUESTAR oven;cooktop;white glass backsplash,2nd bosch oven/micro;fridge/dishwasher. Extended island w/ italian lighting; stunning quartzite countertops. Custom cabinetry throughout w/dovetail soft close drawers;undermount lighting.Beautiful BATHROOMS !CUSTOM CABINETS,LIGHTING,MIRRORS, TILE & SHOWER DOOR. Kohler fixtures;quartz counters. Primary split/Huge walkin closet .Plantation shutters throughout!LG Windowsw/Views everywhere!Back yard~Firepit; Putting green; jacuzzi spa (never used) N.lot line Borders NAOS .LG 2cG w/builtins

View Property

8101 E Via Campo -- Scottsdale, AZ 85258

$995,000

3 Beds

2 Baths

2,208 SqFt

Status Active Under Contract

MLS # 6779447

Property Type Single Family Residence

Price Type --

This McCormick Ranch address represents more than just a residence; there's a lifestyle waiting to be embraced in this elegant 3 bedroom, 2 bath single level home perfectly designed for easy living and entertaining. The bright and open greatroom features a vaulted ceiling, creating an inviting atmosphere that flows seamlessly into the remodeled kitchen, equipped with stainless steel appliances and stylish finishes. Oversized primary bedroom exudes charm with brick fireplace in the sitting area while the ensuite is highlighted with a sunken tub, double sinks and a newly remodeled shower. Step outside to your private oasis—a south-facing backyard complete with a heated pool and spa, mature trees and grass, perfect for year-round enjoyment. The expansive outdoor space is ideal for gatherings or tranquil evenings under the stars. Peace of mind improvements include: paint (int/ext 2024), windows (2022), HVAC (2021), pool pump & heater (2020), front yard landscaping and new electrical panel. Located in arguably central Scottsdale's most popular neighborhood, you'll find yourself just steps from the greenbelt, popular restaurants, parks and lakes. This is where the good life is LIVED!

View Property

4058 E Thunderheart Court Gilbert, AZ 85297

$995,000

5 Beds

4.5 Baths

4,593 SqFt

Status Active

MLS # 6699975

Property Type Single Family Residence

Price Type --

Tucked into a quiet Cul de Sac without any houses across the street and no 2 story homes looking in over the back yard fence, this amazing Power Ranch family home offers a privacy and serenity not found anywhere else in the neighborhood. With a recently painted and remodeled interior, this 4,593 square foot home boasts a one-of-a- kind layout that offers 5 bedrooms (3 of which have en-suite baths) 4.5 bathrooms total and one of the largest backyard pools in the community. The homeowners have recently added a modern top-of-the-line sliding glass door to the backyard that has a lifetime warranty. The recently remodeled backyard has areas for swimming, laying out in the sun, relaxing around a fire table with friends and a beautiful green turf throughout that is easy to relax on and care for. There is even room for a trampoline if your family likes to jump. The gourmet kitchen will delight the home chef with an abundance of cabinetry, high-end granite countertops, tiled backsplash, a gas cooktop with wall ovens, and a walk-in pantry. The main floor laundry room offers an abundance of upper/lower cabinetry with sink, and the 4 car garage is equipped with as much cabinet storage space as you could ever need and 2 additional covered spots provide ample parking for friends and family. This is the perfect home for anyone who likes to be near top level schools, with shopping in all directions, quick access to the highway but still wants the feel of a quiet oasis in one of the highest ranking neighborhoods for family satisfaction in the country. Connected to the massive Power Ranch green belts and walkways, you are never far from a park, one of two community pools, a walk around the lake or even a rock climbing gym. But, with a giant backyard pool that sports LED multi-colored lights, a grotto, water fall, slide and spa, all remotely controlled from your smart phone, there really is no reason to ever leave.

View Property

3301 E Montecito Avenue Phoenix, AZ 85018

New

$995,000

4 Beds

2 Baths

1,875 SqFt

Status Active

MLS # 6779435

Property Type Single Family Residence

Price Type --

This charming 4-bedroom, 2-bathroom property offers the perfect blend of comfort, style, and luxury. Step inside to find spacious living areas bathed in natural light, an updated kitchen with modern finishes, and a sparkling pool perfect for entertaining or unwinding after a long day. Located in the desirable Arcadia Lite neighborhood, this home puts you close to the area's best dining, shopping, and entertainment options.

View Property

7049 N Via De Paesia -- Scottsdale, AZ 85258

New

$995,000

3 Beds

2 Baths

1,890 SqFt

Status Active

MLS # 6784249

Property Type Single Family Residence

Price Type --

THIS IS IT!!! Beautiful 3 bedroom home that is upgraded and ready for new owners in the coveted McCormick Ranch! Travertine flooring, 5 inch baseboards, two-tone paint, upgraded, new carpeting in bedrooms 2024, Cabinets in laundry room. Plantation shutters throughout, verticals on sliding doors. Fabulous kitchen with alder cabinetry, granite counters, recessed and pendant lighting with stainless steel appliances, gas stove. Bathrooms have granite counters, travertine surrounds and new light fixtures. ***16 Seer AC unit installed in 2024*** Roof underlayment replaced 2016. Windows/Slider new 2021. Extended driveway, epoxy floors in garage. ***New electric panel 2024*** Water heater 2023. Licensed contractor installed gas line to fireplace, stove and added exterior stub. GREAT HOME!!!

View Property

6173 N 29th Place Phoenix, AZ 85016

$995,000

2 Beds

2 Baths

1,513 SqFt

Status Active Under Contract

MLS # 6781278

Property Type Single Family Residence

Price Type --

Quaint, cute, private, and with amazing views of Camelback Mountain, this home represents the best of what Biltmore Villas II has to offer! This home offers extraordinary indoor/outdoor living and features a covered patio with privacy shades and a glistening pool, creating an inviting space for outdoor entertaining and the perfect place to watch the sunset against Camelback Mountain. Inside, the home features a comfortable split floor plan, including two spacious bedrooms and two bathrooms, ensuring both privacy and convenience. The community is top-notch and secure, featuring both private, gated access and roving security. Located in one of Phoenix's most desirable areas, close to world-class golf, shopping, dining and the airport, don't miss your opportunity to call this house ''home''!

View Property

2748 N Blue Grass Ranch Drive Lakeside, AZ 85929

$995,000

3 Beds

2 Baths

3,544 SqFt

Status Active Under Contract

MLS # 6713643

Property Type Single Family Residence

Price Type --

If you are looking for an authentic log home on 5 beautiful acres-then look no more! Tucked away in the tall pines with several fruit trees, this home will offer you the freedom and privacy that most dream about. Classic wood flooring has been recently refurbished, making this a great place with all the accents of mountain living. Open and split floor plan makes for lots of convenience and space for all your loved ones and guests. Home is complete with a walk-out basement which has 3 large storage closets (8'X10'). Basement area could be used as a separate room for watching your favorite movies and playing pool and also boasts a ''fireplace extraordinaire'' - This space could alternatively be used as a private and very comfortable sleeping quarters for guests. The sun room is designed for passive solar and supplements the heating sources listed here creating a warm and consistent temperature to the home on those chilly days. Watch the abundant wildlife from the covered deck, deer, elk and turkey frequent the property. Scotts reservoir and the forest service is close by. Just imagine yourself and loved ones sitting on the deck, enjoying the pleasure of listening to the gentle breeze through the whispering pines or the refreshing rain on a cool summer day. Come make your future mountain memories a reality and experience life lived in the marvelous White Mountains! The White Mountains offers Golf, fishing, hunting, four wheeling, hiking, boating, gaming, target shooting ranges, skiing, snowboarding, birdwatching, animal wild-life, sledding, several seasonal festivals throughout the year, car shows, fine dining, musical entertainment, and a great day and night life! Come live your dream in this beautiful Classic Log Home in the pines-

View Property

591 E Park Avenue Gilbert, AZ 85234

$995,000

4 Beds

3 Baths

2,973 SqFt

Status Active

MLS # 6775950

Property Type Single Family Residence

Price Type --

Welcome to a unique find in the heart of Gilbert! This beautiful 4 bd, 2.5 ba home sits on an expansive lot with plenty of outdoor space. Perfect for families, pets, and even RV parking. Inside you'll find an open floor plan with modern upgrades, including a gourmet kitchen with granite countertops and stainless-steel appliances. The large living areas are filled with natural light. The master suite is a private sanctuary featuring a walk-in closet and a spa-like bathroom. Located in a top-rated school district, the neighborhood is known for its friendly atmosphere, tree-lined streets, and a true sense of community. Minutes away from fantastic shopping, dining, and recreational parks. Homes in this neighborhood are a rare find, book your tour today!

View Property

5408 Corda Lane Pinedale, AZ 85934

$995,000

5 Beds

3.5 Baths

3,931 SqFt

Status Active

MLS # 6773336

Property Type Single Family Residence

Price Type --

A beautiful rural oasis in the family-friendly Pinedale area, with a balance of pine trees, hilltop, and a flat meadow that gives you an unobstructed view that is hard to beat! The property borders national forest service on one side, with an abundance of wildlife. Perfect for self-reliant living that can be on or off-grid, the home includes an engineered solar generating system designed to keep utility cost low, and has a private well, water storage, a 120 gallon water heater and more. This home with 6.81 acres can be purchased separately or together with a cozy guest log cabin on an additional adjacent 1.27 acres which borders national forest on the north east side of the property. An''Owner's Home Manual'' is available to inspect inside the house, as well as an updated appraisal & home inspection. In wall circulating fans help to regulate temperatures in living areas, food storage, and the sunroom/greenhouse. The property is listed 35K below appraised below. The owner has just finished an intense renovation of above 100K. A must-see property that will have you enjoying gorgeous sunset from your private deck!

View Property