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

783 Trout Springs Road Forest Lakes, AZ 85931

$849,900

9 Beds

5 Baths

3,342 SqFt

Status Active

MLS # 6725158

Property Type Single Family Residence

Price Type --

Don't miss this beautiful property with 4 cabins on the lot. The main cabin features a family room, kitchen, wood stove, mud room, laundry room with storage and spacious bedroom. the other 3 units were remodeled in 2021 with new appliances and fixtures throughout. Cabins 2,3, and 4 come fully furnished with sofas, kitchen tables, dinnerware, queen sized beds, and linens. Cabins have lots of Pine surfaces, giving them that cozy cabin feel. Nestled in the Ponderosa Pines, this property borders the National Forest with tons of hiking, biking, ATV trails, and 6 trout stocked lakes for fishing, kayaking, canoeing or swimming. COOL PINES!!! ELEVATION OVER 7800! CURRENT VRBRO RENTS ADVERTISED: $350 PER NIGHT UNIT 1 & $150 PER NIGHT ON UNITS 2,3,4 Conveniently located right next to Sitgreaves National Forest, with numerous hiking & biking trails as well as fishing spots! The 3 other cabins have been recently remodeled and all showcase 2 bedrooms & 1 bath, plus their own kitchens and fireplaces! Whether you decide to use them as guest houses or rent them out for the summer, the possibilities are endless! What are you waiting for? This amazing deal won't last long!

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27502 N Freedom Street San Tan Valley, AZ 85144

$849,900

5 Beds

4 Baths

3,011 SqFt

Status Active

MLS # 6753759

Property Type Single Family Residence

Price Type --

Why wait for a new build when you can buy now! Property includes detached casita w/ kitchenette, full bedroom and bathroom! There are 2 homes right next to each other with detached casitas and would make a great property for large families/friends who want to live close! Main home conveys 4 bedrooms + den/playroom/workout room, 3 full bathrooms, 3 car garage with epoxy flooring, 2 fireplaces. Quartz countertops, backsplash, stainless steel appliances, paver driveway. Close to San Tan Regional Park, Horseshoe Park Equestrian Centre, shopping, hospitals, entertainment and more! Home is currently available to be occupied and has complete set-up for hauled water, EPCOR submission has been received and EPCOR water line currently being installed. Home will have regular water service with EPCOR.

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27536 N Freedom Street San Tan Valley, AZ 85144

$849,900

5 Beds

4 Baths

3,011 SqFt

Status Active

MLS # 6753765

Property Type Single Family Residence

Price Type --

Why wait for a new build when you can buy now! Property includes DETACHED CASITA w/ kitchenette, full bedroom and bathroom! There are 2 homes right next to each other with detached casitas and would make a great property for large families/friends who want to live close! Main home conveys 4 bedrooms + den/playroom/workout room, 3 full bathrooms, 3 car garage with epoxy flooring, 2 fireplaces. Quartz countertops, backsplash, stainless steel appliances, paver driveway. Close to San Tan Regional Park, Horseshoe Park Equestrian Centre, shopping, hospitals, entertainment and more! Home is currently available to be occupied and has complete set-up for hauled water, EPCOR submission has been received and EPCOR water line currently being installed. Home will have regular water service with EPCOR.

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7295 E El Caminito Drive Scottsdale, AZ 85258

$849,900

3 Beds

2.5 Baths

2,741 SqFt

Status Active

MLS # 6769578

Property Type Single Family Residence

Price Type --

Nestled in a prime Scottsdale location, this elegant home is just minutes from upscale dining, boutique shopping, and golf, all within a serene neighborhood. The living area features soaring beamed vaulted ceilings & a chic three-way gas fireplace, complemented by elegant farmhouse chandeliers. The chef's kitchen is adorned w/ a five-burner gas cooktop, stainless steel appliances, a walk-in pantry, & beautiful granite countertops. The master suite offers a spacious walk-in closet & a spa-like free-standing soaking tub. Enjoy your private backyard oasis, w/ newer modern landscaping, an aluminum patio cover and heated pool & spa. With dedicated fiber optic internet, this home perfectly balances elegance and modern convenience. Don't miss the chance to own your own Scottsdale sanctuary!

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2921 W Castle Pines Drive Williams, AZ 86046

$849,900

3 Beds

2 Baths

1,969 SqFt

Status Active

MLS # 6779931

Property Type Single Family Residence

Price Type --

Luxuriously-updated home in the desirable Highland Meadows neighborhood. This 3 bedroom, 2 bathroom home features 1,969 square feet of living space on nearly half an acre. With a 3-car attached garage - updated with epoxy floors and custom storage cabinetry - and an additional detached 20' x 24' 2-car garage/workshop - also with updated epoxy floors - there's plenty of room for cars, toys, and hobbies. The interior updates include a new primary bathroom shower and vanity, primary bedroom closet organizer, top-end kitchen appliances, a new water heater and A/C, freshly painted walls and interior door staining, and elegantly-painted white kitchen/dining room cabinets. Outside, beautiful front and rear landscaping offer relaxing evenings under the stars. Come see this home before too late!

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8201 E Cypress Street Scottsdale, AZ 85257

$849,900

4 Beds

2 Baths

1,478 SqFt

Status Active

MLS # 6777741

Property Type Single Family Residence

Price Type --

FULLY REMODELED-MODERN FARMHOUSE- SCOTTSDALE HOME!! VERY OPEN FLOORPLAN! Walls opened up, Expanded Primary Bedroom, Expanded bathrooms, and Raised hall ceiling! Boasting 4 bedrooms, 2 bathrooms on a LARGE Cul-De-Sac LOT! Nearly $200K in upgrades! Luxury Vinyl Plank flooring throughout with Custom carpet in bedrooms. Designer-Gourmet Kitchen with Custom Stained Butcher Block counters, All new soft closing cabinets and drawers, designer brick backsplash, farmhouse sink, and stainless steel appliances! Newly designed bathrooms with Quartz counters, shiplap, designers tiled floors and showers! All new doors, stylish fixtures and Lighting throughout! 2 car, new garage door and motor, and new epoxy flooring with LED recessed lighting. Exterior new Stucco and 2 tone paint. New 200 AMP panel and wiring. Enormous exterior covered patios, New front/back landscaping with new irrigation and a large side yard for games or dog play or anything you want! New tankless hot water heater, electric vehicle charging outlet! SEE DOCS TAB FOR FULL LIST OF UPGRADES Fantastic South Scottsdale Location! Close to Old Town, Dining, Shopping and Entertainment! Must See

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5613 E Lonesome Trail Cave Creek, AZ 85331

$849,900

3 Beds

2 Baths

2,182 SqFt

Status Active

MLS # 6781530

Property Type Single Family Residence

Price Type --

Fabulous Home with Amazingly Open ''Great Room'' Plan! This 3 Bedroom, 2 Bath home has the Primary Bedroom split from the 2 Secondary Bedrooms and a Flex Room that is perfect for an Office, Den, Library, Piano Room and is presently shown as a Dining Room. Kitchen has large granite Center Island with Breakfast Bar and boasts beautiful upgraded expanded cabinets with self closing and ''pull out drawers''. Gourmet Kitchen with Extensive granite countertops, Gas Stove and Oven, builtin Microwave, Stainless Steel dishwasher and refrigerator. Kitchen, Breakfast Room all open to the Great Room. Complimentary large Tile Flooring throughout the main traffic areas and carpet in bedrooms. Low maintenance professional landscaping with extensive use of pavers compliment this large lot backing to NAOS. Expanded Garage with Builtin Cabinets and Expoxy Garage Floors. What a Perfect Lock and Leave home with such terrific outdoor spaces to enjoy and entertain. Gated Community with guests access at 60th Street and Lone Mountain Rd. (Private Code)

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2926 W Tanya Trail Phoenix, AZ 85086

$849,900

3 Beds

2 Baths

2,118 SqFt

Status Active

MLS # 6781125

Property Type Single Family Residence

Price Type --

What a beautiful Santa Fe style home that is Luxury desert living at it's finest. You are surrounded by amazing mountain views in this quiet oasis. Spacious Family room with vaulted ceilings. Beehive Fireplace for cozy fires. Split floor plan for extra privacy. Plantation shutters throughout. 3 car garage with 220v EV charger. Large covered back patio and entertaining area that includes a heated Jacuzzi and pool. There are many mature trees that compliment the nicely designed Desert landscaping. 19X9 storage shed with high ceiling for workshop or storage. With a full Acre lot there is plenty of space including a large separate fenced in area for setting up your horse corral or for storage such as travel trailers, your ''toy'' trailer, etc.

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1016 E Tempe Drive Tempe, AZ 85288

$849,900

3 Beds

4 Baths

2,626 SqFt

Status Active

MLS # 6781111

Property Type Single Family Residence

Price Type --

Amazing home with brand new landscaping and heated pool right in the heart of Tempe. This home has been completely remodeled and updated with sophistication and luxury. Close to ASU, downtown scottsdale, Tempe town lake and much more. Being sold fully furnished and ready to move in! This stunning property has 3 oversized bedrooms, each with their own bathroom and walk in closet. Enjoy Arizona sunsets on the balcony or a soak in the new heated pool or spa while barbecuing with friends. Currently run as a profitable rental/airbnb this is could be perfect for an investor looking for extra cash flow immediately. Don't miss out. Come see it today! Owner/Agent

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7131 W Emile Zola Avenue Peoria, AZ 85381

$849,900

4 Beds

2 Baths

2,668 SqFt

Status Active

MLS # 6782935

Property Type Single Family Residence

Price Type --

Prepare to be enchanted by this stunning 4-bedroom haven featuring over $100K in upgrades! A newly painted interior favoring a sleek design & a modern feel. Upscale new wood-look flooring, stylish light fixtures & tall vaulted ceilings and so much more. Highlights include a living room & an open den that can be converted into an office or study. Generous-sized great room has a granite surround gas fireplace & French doors providing easy access to the back patio, seamlessly blending indoor-outdoor living. Fabulous kitchen is a culinary delight, fully equipped w/ample custom fitted white cabinetry, modern fixtures, built-in appliances, granite counters, a waterfall island, sitting area & an ample sized walk-in pantry. Plus multiple dining areas for family gatherings and/or entertaining. Romantic main retreat showcases a sitting area, outdoor access, & an elegant ensuite comprised of dual sinks, jetted tub, & a walk-in closet. Remodeled bathrooms designed with granite counters,custom cabinetry and modern fixtures & mirrors provide a complete spa-like experience. Resort-like backyard offers a covered paver patio with ceiling fans, multiple sitting areas, built-in gas BBQ, gazebo, a newly finished pebble sheen refreshing pool & spa, grassy play area for children/ dogs, citrus fruit trees galore and an RV gate for any sized recreational vehicles on this over sized 13,000+ square ft lot. Added bonus with new ac and new water heater. Act swiftly, this home will go quickly!

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29150 N 128th Lane Peoria, AZ 85383

$849,900

3 Beds

3 Baths

2,102 SqFt

Status Active

MLS # 6784025

Property Type Single Family Residence

Price Type --

MAJESTICALLY EMBEDDED on a large elevated lot overlooking the 8th green with a view of the sunset and the hills in the distance, this breathtaking Libertas w/ Casita sits on easily one of the TOP FIVE LOTS in all of Trilogy. This home exudes charm and class and is embellished with custom cabinets throughout, multiple rooms of built-in floor-to-ceiling bookshelves and features 2 Murphy beds! The kitchen is centered around a huge center island and is a chef's delight with its Granite countertops and tile backsplash and features convenient pull-out shelves and storage areas including a built-in wine fridge! At the end of the day, picture yourself retreating to the large covered rear patio and watching the last golfers of the day finish up in the twilight to the sounds of the large bubbling stone water feature or for those chillier evenings, from the cozy raised firepit. This home will not last long as it truly is one of a kind. Reservations are being taken for showings starting Friday the 15th. This home is being sold ''Turnkey'' with identified exclusions.

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26330 N 56th Drive Phoenix, AZ 85083

$849,900

3 Beds

2.5 Baths

2,512 SqFt

Status Active

MLS # 6784361

Property Type Single Family Residence

Price Type --

UNBELIEVABLE MOUNTAIN VIEWS. This beautiful home is nestled at the foot of Ludden Mountain, with amazing views! The inside is just as amazing with it's open floor plan, chefs kitchen with an island, 42'' cabinets, granite couter tops, stainless GE Monagram appliances, built in refrigerator, double ovens & a pantry. This home has an office/den area plus 3 additional bedrooms. The primary suite includes a walk in closet, his/her double sink vanities, seperate tub/shower and a door leading out back to one of the outdoor patios. The large backyard is an oasis with a fenced pebbletec pool w/water feature, 2 covered patio, firepit area and VIEWS VIEWS VIEWS. If thats not enough there is a new Trane HVAC unit. This is a MUST SEE HOME.

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