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

15208 E Palomino Boulevard Fountain Hills, AZ 85268

$899,000

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6773160

Property Type Single Family Residence

Price Type --

Discover your dream home in Fountain Hills, where modern luxury meets stunning natural beauty! This exquisite home has been beautifully remodeled with wood-like tile flooring, new carpet in the bedrooms, a spacious formal dining and living space, neutral paint, recessed lighting, & a cozy family room w/wood-burning fireplace for the cooler months. The eat-in kitchen has quartz counters, SS appliances, an island w/breakfast bar, & an abundance of white cabinets. Retreat to the expansive Arizona room that is air-conditioned, allowing for year-round enjoyment of the breathtaking views and natural light. A sparkling pool and lush landscaping provide a backyard oasis you won't want to leave. The spacious owner's suite has private access to the AZ room and an amazing bathroom with a dual vanity, free standing bathtub and spacious shower. With its prime location offering spectacular mountain views, this home is a perfect retreat for those seeking tranquility and elegance all while being minutes away from your favorite dining and entertainment in Scottsdale. It truly is a remarkable home in a truly dreamy location. Come take a look!

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15163 N 100th Way Scottsdale, AZ 85260

$899,000

5 Beds

3 Baths

2,542 SqFt

Status Active

MLS # 6776044

Property Type Single Family Residence

Price Type --

Welcome home to this stunning 5-bedroom, 3-bathroom property, perfectly situated in Scottsdale near restaurants, shopping, and parks! As you arrive, you'll be greeted by gorgeous curb appeal, a cul-de-sac lot, 3-car garage and beautifully manicured desert landscaping. Inside, the pristine interior features soaring ceilings, tile flooring, and a calming color palette. The living and dining area boasts dark wood flooring and convenient access to your private oasis of a backyard. This stunning backyard features a sparkling pool, surrounded by lush landscaping, turf lawn, and no homes behind for ultimate seclusion. The spacious patio is perfect for outdoor dining and gatherings, making it an ideal retreat for relaxation and entertainment. Complete with owned solar panels to keep the utility bills at a minimum. The oversized great room includes sliding doors that open to the outdoor space, complemented by charming bay windows in the breakfast nook. You'll love the kitchen, which showcases hardwood cabinets with crown molding, a mosaic backsplash, granite countertops, stainless steel appliances, and a center island. Retreat to the serene main bedroom, featuring plush carpeting, a cozy sitting area, and a luxurious ensuite bathroom complete with dual sinks, an enclosed steam shower, heated floors, a soaking tub, and a generous walk-in closet.

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3012 W South Mountain Road Laveen, AZ 85339

$899,000

4 Beds

3.5 Baths

3,161 SqFt

Status Active Under Contract

MLS # 6654093

Property Type Single Family Residence

Price Type --

This luxury estate offers something for everyone. The charming and sprawling 4 bedroom 3.5 bath home offers a split floor plan featuring solid wood and stone flooring throughout, 10' ceilings, gourmet kitchen, solid wood doors, elegant stone surround fireplace, large office/den and a generous 3 car garage. The master suite and family room overlooks the newly constructed pebblesheen pool and gazebo. complete with built in BBQ...a space perfect for entertaining. For the craftsman or car enthusiast, the property also offers a detached work shop with RV roll up door and separate entrance. The entire property is surrounded by an 8' block wall for added privacy and security. Zoned R-43 so there's room for a guest house and no restrictions on horses and livestock. A MUST SEE!

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8207 E Whitton Avenue Scottsdale, AZ 85251

$899,000

3 Beds

2.5 Baths

2,032 SqFt

Status Active Under Contract

MLS # 6750033

Property Type Single Family Residence

Price Type --

Welcome to this charming newly remodeled home! This cozy abode boasts a new HVAC system, pipes/plumbing, and roof, ensuring worry-free living. Inside, you'll find two master suites for ultimate comfort and convenience. A home security system, outdoor security cameras, and fire sprinklers offer peace of mind. Enjoy modern amenities like stainless steel appliances, an electric fireplace, and water softener system. The home also features new landscaping, a ruff house play system playground, and quartz countertops throughout. Entertainment is a breeze with a home theater/audio system and Control 4 system. Plus, shutters throughout add a touch of elegance. Don't miss out on this gem, located conveniently near the freeway, shopping, and dining!

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7625 N 177th Avenue Waddell, AZ 85355

$899,000

6 Beds

5 Baths

2,832 SqFt

Status Active Under Contract

MLS # 6729064

Property Type Single Family Residence

Price Type --

This 2-acre equestrian property with flood irrigation features a 3-bedroom, 2-bath MAIN HOUSE and an attached GUEST HOUSE with 2 bedrooms, 2 baths, a full kitchen, a laundry room, and a private entrance. Additionally, there is a private EN-SUITE with 1 bedroom and 1 bath.The main house kitchen boasts upgraded granite counters, white cabinetry, stainless steel appliances, ample storage, a large walk-in pantry, and a kitchen island. The main living area features vaulted ceilings, an updated primary bath, spacious bedrooms, and a covered patio with a spa outside the primary bedroom, along with another large covered patio in the backyard. The property also includes a large sparkling POOL that is fully fenced and can be heated for the winter months. Detached shop 28' x 30' + Covered RV parking

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19055 E Poco Rio Drive Rio Verde, AZ 85263

Open House

$899,000

3 Beds

2.5 Baths

2,972 SqFt

Status Active

MLS # 6757638

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat in the heart of Rio Verde's sought-after active adult community! This stunning 3 bed, 2.5 bath home offers 2,972 sqft of thoughtfully designed living space on a quiet interior cul-de-sac lot. Step inside to discover a spacious, open-concept layout filled with natural light and breathtaking mountain views. The chef's kitchen is a true highlight, featuring newer appliances, ample counter space, and a generous island perfect for meal preparation and entertaining. The adjacent dining area opens up to a large wrap-around patio, where you can savor the spectacular views and enjoy outdoor living at its finest. The primary suite boasts two walk-in closets, a luxurious en-suite bathroom with a walk-through shower, and two additional rooms that can be used as an office makeup room, or flex space to suit your needs. The second bedroom also offers its own en-suite bathroom for added convenience and comfort. An additional half-bath is perfect for guests. This home's location within a vibrant active adult community ensures a dynamic lifestyle, complete with championship-caliber 36-hole golf courses, pickleball courts, Tennis courts, Stunning fitness facility, Huge lap pool, and numerous social opportunities.

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17635 E Fort Verde Road Rio Verde, AZ 85263

Open House

$899,000

2 Beds

2 Baths

1,948 SqFt

Status Active

MLS # 6766088

Property Type Single Family Residence

Price Type --

Discover your dream Home in the Heart of Rio Verde, Az. nestled in the prestigious Trilogy at Verde River Golf & Social Club, this stunning single family residence is a true gem waiting to be discovered. Built in 2017, this impeccable 2 Bedroom, 2 Bath home spans an impressive 1,948 Sq.Ft. and sits on a generous .26acre lot,offering breathtaking views of the open space and golf course. Step inside and be enchanted by the soothing custom decor that perfectly complements the home's open and inviting retreat The separate office, complete with built-in custom cabinets and elegant glass French Doors provides the ideal space for remote work or a quiet retreat. the heart of the home is the great room, where you will find and abundance of luxurious features,including GE Monogram appliances, recessed lighting, under counter lights and pendant lights that create a warm and inviting ambiance. The fully overlaid cabinet doors and drawers boast a soft close convenience, adding a touch of sophistication to the space The great foom seamlessly flows onto the patio through stunning multi-slide 9880 glass doors, blurring the lines between indoor and outdoor living. The primary ensuite is a true oasis. fraturing large view windows that showcase the majectic mountains and golf course. The room is adorned with custom Hunter Douglas window coverings, including blackout shades for untimate privacy and comfort. The ensuite bathroom is equally impressive, with 2 under mounted Koehler sinks and exquisit granite counter tops Throughout the home, you will find an array of high-end finishes, including custom 4x8 brick flooring, imperfect smooth walls, and 8 ft solid core doors. The custom window covering add a touch of elegance to every room, while the fully insulated walls ensure optimal energy efficiency and comfort. For added piece of mind, the home is equipped with a state of the art security system, allowing you to relax and enjoy your new sanctuary. Don't miss the opportunity to make this extraordinary home yours. With it's prime location in Trilofy at Verde River Golf & Social Club, you will have access to world-class amenities and a vibrant community. Experience luxury living at its finest in the heart of Rio Verde, Az. Plan a private visit today and prepare to fall in love with your new dream home.

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9827 W Keyser Drive Peoria, AZ 85383

Open House

$899,000

5 Beds

3.5 Baths

4,177 SqFt

Status Active

MLS # 6773517

Property Type Single Family Residence

Price Type --

This wonderful home is located in the highly sought after subdivision of Pleasant Valley. Every box can be checked on this home. Vaulted ceilings greet you as you enter into the traditional formal living and dining areas. Beyond that is the large Chef's kitchen with extended cabinets, granite counter tops, stainless appliances and an island. Also room for the family table. This looks into the large family room with a fireplace. The home has 2 masters, one on the first level. The upper level ensuite has a sitting room, fireplace, and a large soaking tub. The backyard is a virtual oasis with pool, spa, gazebo and patio. Just stunning. 3 car garage is also featured.

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15620 N 18th Street Phoenix, AZ 85022

Open House

$899,000

4 Beds

2.5 Baths

2,771 SqFt

Status Active

MLS # 6775857

Property Type Single Family Residence

Price Type --

Welcome to this stunning home located just a short walk from Lookout Mountain Peak, where you can enjoy breathtaking views for miles right from your front door! This spacious property offers 4 bedrooms, an office, 2.5 bathrooms, and a 3-car garage, which includes an electric vehicle charger for added convenience. The luxurious kitchen is perfect for entertaining and flows seamlessly into a formal dining area, ideal for hosting gatherings. Step outside into the backyard and be swept away by your own private paradise! With a sparkling pool, spa, and plenty of space to relax or entertain, it's the ultimate retreat. Recent upgrades include a brand-new A/C unit, water heater, and garage door opener—all of which come with warranties for peace of mind. Don't miss out on this incredible home!

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14771 N 100th Way Scottsdale, AZ 85260

Open House

$899,000

5 Beds

3 Baths

2,780 SqFt

Status Active

MLS # 6780628

Property Type Single Family Residence

Price Type --

Amazing Location..Great upscale Scottsdale neighborhood. Close to everything you would expect from the area. Spacious 5 bedroom 3 bath single family home on a premium lot. The private resort style backyard is perfect for relaxing or entertaining with a sparkling pebble-tec pool with waterfall, covered patio, fenced grassy area for kids and pets, RV gate with hookups, and stunning mountain and sunset views with no neighbors behind you. Conveniently located minutes from top rated schools, sports parks, shopping, dining, hospitals, golf, an aquatic center and easy access to the freeways. The oversized master suite with private balcony and 3 large secondary bedrooms are upstairs, with a 5th bedroom or office with full bath and multiple living areas on the main level. State of the art security system w/ smart mobile controllable features including thermostat, lights and security

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1245 W Caroline Lane Tempe, AZ 85284

Open House

New

$899,000

4 Beds

2 Baths

1,890 SqFt

Status Active

MLS # 6775035

Property Type Single Family Residence

Price Type --

Here's an opportunity you don't want to pass up in South Tempe. This 1.2 acre, flood irrigated, county island lot, features a nearly 1900 sq. ft. block home with its own well, built for its owner and only occupant, ever. In addition, there is an enclosed 420 sq ft AZ Room, and a 228 sq ft workshop attached to the oversized two car garage. Back then, this part of town was mostly farm land, all around. Today it sits in a thriving, land-locked city where opportunities like this are few and far between. Remodel or build your new dream home, the choice is yours. There is plenty of room to create your heart's desire. NO HOA. Easy access to freeways and shopping and restaurants, make it an ideal location! Listing includes 3 parcels: 301-60-009R, 301-66-496, 301-66-502.

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2321 E Lincoln Way Phoenix, AZ 85020

Open House

$899,000

3 Beds

2 Baths

1,919 SqFt

Status Active

MLS # 6782674

Property Type Single Family Residence

Price Type --

Live close to everything & still feel connected to nature in this picturesque home in the foothills of the PHX Mountain Preserve. This elevated home is surrounded by stunning views in all directions. Inside you will find a home that has been tastefully updated along the way & features automated roll down storm shutters & an owned solar system, helping to ensure ease of maintenance & the ability to live a lock & go lifestyle. Upon entering you will find a gracious great room with an open kitchen. The spacious primary suite offers plenty of space for you to relax, plus direct access to the back yard. Once out back, notice big views all the way to the Estrellas & White Tanks as well as a gracious pool, yard, side yard & outdoor kitchen. Too much here to miss, put this home on your shortlist.

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