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

11615 N 30th Street Phoenix, AZ 85028

$850,000

4 Beds

2 Baths

2,047 SqFt

Status Active

MLS # 6746910

Property Type Single Family Residence

Price Type --

OVER $70K in improvements DONE SINCE LAST YEAR! Be surrounded by the Mountain preserve yet Minutes to Freeway, airport, dining, shopping-Enjoy the Gourmet Kitchen w/ Quartz Island, built-in Island microwave, 5 burner Gas Range w/Pot filler, Large Walk-in Pantry-SONOS whole home surround sound system w/built in speakers wired direct to TV's-Custom closets thru-out, whole home Soft water system-Both baths freshly renovated-All dual-pane windows come w/ New Window coverings-Landscaped & outdoor space consists of Renovated pebble tech pool, a retractable electronic pool cover, Pet friendly synthetic turf, fruit/veggie Garden, chicken coop, Gravel/Stone Front w/ large shade tree & Auto watering systems-Neighborhood Schools are w/in walking distance including BASIS academy.

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6803 E Main Street Unit 4407 Scottsdale, AZ 85251

$850,000

2 Beds

2.5 Baths

1,622 SqFt

Status Active

MLS # 6749449

Property Type Apartment

Price Type --

Welcome to The Mark in Old Town Scottsdale, and to this amazing 1622 square foot home. This condominium has 2 large bedrooms, each with ensuite bath and spacious closets. Every room in the home has a view of the Papago or McDowell Mountains. Stone tile floors throughout contribute to a spacious feel. In addition, there is a sizeable laundry room, powder room, and plenty of closet and storage space. The updated kitchen includes a Wolf gas stove and GE Monogram appliances. The community has recently updated the rooftop pool/spa, outdoor kitchen, and entertainment areas, framing views of Camelback Mountain and downtown Scottsdale. Walkability is premier for one of the best locations in Old Town. You will definitely enjoy the classic elegance of The Mark.

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33325 W Old Us Highway 80 Highway Arlington, AZ 85322

$850,000

4 Beds

2.5 Baths

2,299 SqFt

Status Active

MLS # 6753494

Property Type Single Family Residence

Price Type --

Welcome to this charming 4BR, 2.5 bath Farm house on a 7.68-acre lot with impressive mountain views! Detached 15X40 shop w/ cooler, lift & air compressor. Covered (15X40)RV pad & 20X40 covering for boat. Aprx 3 acre fenced pasture with sprinklers. Huge outdoor patio & entertaining space includes bar, sink, grill, smoker, fridge, kegarator, fans & speakers. Newer roof, HVAC's & recent exterior paint. Primary downstairs retreat boasting two spacious closets and an ensuite with a dual sink vanity. Kitchen with new SS appliances, lots of cabinets, walkin pantry & breakfast bar. Upstairs 1 bath & 3 bedrooms-1 with access to a balcony and 1 with attic storage space. Many extras include: shutters, firepit, spa, garden & RV outlets (50amp & 30 amp). Country living and no HOA! Many possibilities!

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32313 N 16th Lane Phoenix, AZ 85085

$850,000

4 Beds

2.5 Baths

3,122 SqFt

Status Active

MLS # 6756171

Property Type Single Family Residence

Price Type --

Stunning TW Lewis home in a quiet, gated community in Sonoran Foothills. Stylish and functional floor plan with plenty of space to live, work and entertain. Warm neutral finishes, custom maple cabinetry, granite counters and plantation shutters throughout. Gourmet kitchen abuts den with stacked stone fireplace. Separate area for dining room if desired. Huge primary suite with walk-in closet, 3 additional bedrooms plus a large bonus space. Garage has epoxy floors and cabinets. An intimate courtyard upon entry and a spacious backyard with gorgeous desert views. Property backs to a wash making it very private and serene. Extensive walking, hiking and biking trails from your front door. Community amenities include parks, basketball, volleyball, tennis, pickleball, pool, spa and splashpad. Easy access to I17 and 303.

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39004 N 33rd Avenue Phoenix, AZ 85086

$850,000

4 Beds

4 Baths

3,206 SqFt

Status Active

MLS # 6763037

Property Type Single Family Residence

Price Type --

Enjoy your privacy without giving up the perks of living in town with nearby shopping, dining, and outdoor recreation. This 3206 sqft custom home was recently painted inside and out and sits on a quiet street with plenty of space to expand and includes an attached Casita with separate entrance off front Courtyard. The main home has 3 Bedrooms each with full Bathrooms, separate Office or 5th Bedroom, spacious eat-in Kitchen, Family Room, Great Room or Flex Room with wet bar. The Family Room and Primary Bedroom open up to a spacious covered Patio, large fully block-fenced Backyard with 2 RV Gates, sparkling Pool, built-in Fire Pit and BBQ area. Ample parking including an attached large double Garage with room to expand; add an RV garage, storage building or workshop. No HOA! Low assumable 3.25% mortgage. Home Warranty included.

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7640 E Snowdon Circle Mesa, AZ 85207

$850,000

5 Beds

4 Baths

3,426 SqFt

Status Active

MLS # 6759152

Property Type Single Family Residence

Price Type --

Discover luxury living in the prestigious Highlands at Las Sendas, nestled on a prime cul-de-sac lot. This home boasts nearly 11,000 sq. ft. of outdoor space with RV gate access and an oversized 3-car garage. Inside, elegance meets functionality with plantation shutters, granite finishes, and crown molding throughout. The gourmet kitchen is a chef's dream, complete with a spacious island featuring a gas cooktop, two dishwashers, and two refrigerators, perfect for entertaining. Retreat to the Master Suite, where a private sitting area opens to a deck with uninterrupted views of the preserve--no neighbors in sight! The two secondary bedrooms each offer their own en suite baths, ensuring comfort and privacy. Step outside to your personal oasis: a saltwater pool, outdoor kitchen, and fire pit, designed for unforgettable gatherings. This home offers more than just spaceit's an experience. Don't miss your chance to see what makes this property so exceptional!

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9225 E Barn Wood Lane Prescott Valley, AZ 86315

$850,000

4 Beds

3 Baths

2,299 SqFt

Status Active

MLS # 6757436

Property Type Single Family Residence

Price Type --

Custom designed horse set up built in 2021 at the back of the property is a horse lover's dream! This little ''farmette'' just needs your horses and chickens and it is turn-key! Inside the home features a Spacious Island Kitchen with loads of counter space and open to the gourmet kitchen complete with a new Wolf stove. Separate living room and Great room + 4 bedrooms. High End surround sound in family room and outside patio areas. Fully fenced back yard with excellent landscaping and lots of trees, Amazing well! Enjoy the master suite with large bath with jetted tub & Separate shower along with a massive walk in closet. 3 other good sized bedrooms perfect for family and guests. Solar system for low electric bills! A super opportunity for an amazing home. Extended 3 car garage, RV parking on the side + a large storage shed, roof is 8 years old. Built in cabinets in the garage. Security cameras on exterior of the house along with a ring doorbell system. New high end water filtration system installed includes RO system and water softener.

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21479 E Arroyo Verde Drive Queen Creek, AZ 85142

$850,000

6 Beds

3 Baths

3,030 SqFt

Status Active

MLS # 6768373

Property Type Single Family Residence

Price Type --

***Full Kitchenette in Nextgen suite or 6 bedroom potential!!! Seller is offering $10,000 towards buyers closing costs. Buyer can use these funds to finish out the kitchenette with built in range/oven and stack washer/dryer or convert to a 6 bedroom home!*** Fall in love with this meticulously maintained next gen style home located in Hastings Farms featuring a guest wing with kitchenette! From the moment you walk up the paved driveway through the lush courtyard, this 4 bed, 3 bath, 3 car tandem garage is spacious and inviting. This great room floor plan is perfect for entertaining w/ large kitchen featuring double oven, tile backsplash, granite counters, SS appliances, large range hood, gas range, pantry & island w/ breakfast bar. The primary bedroom is spacious & the ensuite bath... features a large walk in shower & expansive closet. The guest wing boasts a large office w/ barnyard door, separate teen room w/ dedicated bdrm & kitchenette featuring full size fridge, dishwasher, and sink and it can be easily enhanced with oven/range & stack....laundry. The serene backyard provides a relaxing environment perfect for entertaining & indoor/outdoor living! Other features include a refreshing pool with travertine stone decking, built in gas grill, turf grass, lush trees, expansive pergola, and epic landscape lighting! The tandem 3 car garage is extra wide and allows for ample storage and includes a Tesla charging station, water softener, and side door access to the backyard. This home also has been freshly painted and has no carpet so it is turn key ready. Come see this home today before it is gone!

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15444 E Palo Brea Lane Scottsdale, AZ 85262

$850,000

4 Beds

3 Baths

2,766 SqFt

Status Active

MLS # 6770538

Property Type Single Family Residence

Price Type --

Experience luxury living in North Scottsdale without the hefty price tag. This stunning home sits on a sprawling acre of land, half a mile from Tonto National Park, with breathtaking views of Four Peaks and Granite Mountain. Practically new, it stands out with an exceptional outdoor living area that includes a custom retaining wall, fresh pavers, and a spacious turfed yard—perfect for entertaining. Inside, every room feels like it belongs in a magazine, illuminated with natural light and elegant finishes throughout. The kitchen and bathrooms, especially the luxurious owner's ensuite, showcase high-end upgrades. Thoughtful storage spaces and open floor plan maximize every square foot. It's the perfect balance of privacy and comfort, offering a retreat-like feel while still being in North Scottsdale. Plus, the shared well and no HOA provide major savings. Don't miss your chance to own a Scottsdale oasis!

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1243 E Artesian Way Gilbert, AZ 85234

$850,000

4 Beds

3 Baths

1,902 SqFt

Status Active

MLS # 6772579

Property Type Single Family Residence

Price Type --

Rare lakefront home in Harbor View at Wind Drift! 4 bed 3 bath updated home w/pool & spa-plus lakefront access w/private dock. Remodeled open concept kitchen: upgraded kitchen appliances-48'' custom Italian range, 48'' range hood, pot filler, stainless steel sink w/ commercial grade kitchen faucet, subway tile backsplash, large kitchen island, all new kitchen cabinetry & countertops. Main floor bedroom & full bath w/ spa like feel. Two living areas-one w/vaulted ceiling & faux ceiling beams & one w/fireplace. Plus new light fixtures and recessed lighting. 3 bedrooms upstairs including luxurious primary suite! Enjoy all the best in your low maintenance backyard with new turf on the side -heated pool & spa, covered patio, enjoy gas AND charcoal grills! New pool heater and new smart pool pump, new garage door motors, new paint thru the house. 3 car garage with EV charging. Close to shopping and all Gilbert's amenities!

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1120 N Road 1 -- Chino Valley, AZ 86323

$850,000

3 Beds

3 Baths

2,752 SqFt

Status Active

MLS # 6771043

Property Type Single Family Residence

Price Type --

Discover country living at its finest on nearly 5 acres in Chino Valley! This ranch-style home offers 3 beds, 3 baths, plus a den/office, and an extra-large master suite. The gourmet kitchen is a chef's dream. A one-bedroom guest house with a 2-car attached garage and a 3-car detached shop adds even more appeal. Outdoors, enjoy mature trees, a greenhouse, and a large deck. The property is fully landscaped with drip irrigation. Handicap accessible with wide hallways and doors. RV garage workshop (2,120 sq ft) and space for up to 10 cars. Amazing views throughout!

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7300 E Sand Hills Road Scottsdale, AZ 85255

$850,000

4 Beds

3 Baths

2,205 SqFt

Status Active

MLS # 6773182

Property Type Single Family Residence

Price Type --

Renovated gated luxury in North Scottsdale for under $1,000,000? Yes! Once inside this desirable gated community, you will be taken to your awesome new home that has been meticulously renovated and cared for. Awesome home for entertaining with separate living and family areas, and a kitchen that will make your friends totes envious of you. There is a bedroom/office downstairs and a full bathroom-perfect for multi-generational living. Upstairs are the master suite with gorgeous bathroom and other bedrooms. The best for last--the backyard. No neighbors behind you means more privacy, relaxing play pool, sunshine, margaritas, coffee or juice--this is desert living at its finest...and in North Scottsdale, close to TPC, Barrett Jackson auto Show, Mayo and everything else. Why ya waiting?

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