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

30124 W Mckinley Street Buckeye, AZ 85396

New

$625,000

4 Beds

2 Baths

1,977 SqFt

Status Active

MLS # 6788382

Property Type Single Family Residence

Price Type --

Just WOW! This beautiful 4-bed, 2-bath home nestled on a HUGE 1-acre lot will surely impress you! Great curb appeal with a desert landscape, stone accent details, & a front porch. The fabulous interior boasts abundant natural light, a neutral palette, wood-look tile flooring in common areas, and plush carpet in bedrooms. The impressive eat-in kitchen offers SS appliances, granite counters, recessed & pendant lighting, an island, a pantry, and a bay window. Its peninsula, with a breakfast bar, overlooks the large living space for a great room effect! The main bedroom has a barn door that opens to the ensuite with dual granite sinks, soaking tub, tiled shower, & a walk-in closet. Laundry room with a sink & cabinetry. Unlimited landscaping potential can be explored in the expansive backyard! You'll love the full-length covered patio to relax and an oversized trailer that can be a workshop or storage. Bring your toys, horses, trucks, RV, & other animals - this property has plenty of space for all. Enjoy the neighborhood's tranquility and serene mountain views! Conveniently close to the I-10. Ready to move in! Don't miss this opportunity!

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7601 E Indian Bend Road Unit 1047 Scottsdale, AZ 85250

New

$625,000

2 Beds

2 Baths

1,364 SqFt

Status Active

MLS # 6788930

Property Type Apartment

Price Type --

Beautifully designed condo in the highly coveted Corriente community, conveniently located near multiple golf courses (McCormick & Silverado), the Scottsdale greenbelt, and endless top restaurants & shopping. This stunning 2-bedroom, 2-bath 1st floor unit has been meticulously maintained and is perfect for those seeking luxury & convenience. The popular, spacious Zafiro corner floor plan is light & bright thanks to multiple large south-facing windows. The gourmet kitchen boasts stainless steel appliances, gas cooktop, granite counters, bar seating and an abundance of cabinetry & storage. The open living area, accented with crown molding, offers a cozy gas fireplace and the southwest-facing covered patio provides the perfect space to enjoy Arizona's idyllic weather. The primary suite is a private retreat with a large walk-in closet, dual sinks, private toilet room and a walk-in shower. All appliances are included and some of the furniture is available on a separate bill of sale. The gated Corriente community offers upscale amenities including a climate-controlled underground parking garage (2 spaces), secure bike storage, an updated modern fitness center, BBQ areas, ramadas, and a luxurious clubhouse ideal for entertaining. Enjoy high-speed internet and DirecTV included in your HOA, along with added security through cameras at gate and garage entrances. Corriente connects to 18 miles of scenic walking and biking paths along the greenbelt and is steps away from Silverado Golf Course, Seville shopping, and the McCormick-Stillman Railroad Park. Scottsdale Fashion Square, Kierland Commons, Old Town Scottsdale, and the new Palmeraie Ritz Carlton PV are all close by making this location truly unmatched. Don't miss the opportunity to experience an effortless yet vibrant lifestyle in this wonderful property situated in the heart of Scottsdale.

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6502 N Central Avenue Phoenix, AZ 85012

$625,000

2 Beds

2 Baths

1,880 SqFt

Status Active Under Contract

MLS # 6757231

Property Type Apartment

Price Type --

This beautiful mid-century penthouse, designed by renowned architect Starkovich, seamlessly blends historic charm with modern living. Situated along the iconic, tree-lined Central Ave in one of Phoenix's most sought-after neighborhoods, this original 2-bedroom, 2-bathroom home boasts breathtaking north-facing views of Piestewa Peak and stunning sunsets, framed by an impressive wall of windows. Just steps away, the scenic Murphy Bridal Trail offers a perfect escape for hiking enthusiasts and nature lovers. Bathed in natural light, the bright and airy interior creates an inviting atmosphere. The spacious great room is perfect for hosting gatherings or simply enjoying a peaceful morning coffee as the sunrise fills the space with warmth and light. HOA replaced roofs 2023, A/C & Heat piping 2024 they will also be redoing the wrap around patio. HOA includes utilities: cooling, heating, water, trash, sewer, cox cable and cox internet Owner only pays for electricity (minus heating and cooling) Complex was also just approved as Historical landmark which decreases homeowners' property tax as long as they are owner occupied

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5554 S Hawthorn Street Gilbert, AZ 85298

$625,000

2 Beds

2 Baths

1,917 SqFt

Status Active Under Contract

MLS # 6762890

Property Type Single Family Residence

Price Type --

Welcome to this beautifully home, where luxury meets comfort in a resort-like setting. The expansive backyard features a private heated pool complete with serene waterfalls and a relaxing hot tub—perfect for unwinding or entertaining. Inside, you'll find an array of incredible upgrades, including elegant 20'' tile flooring, plantation shutters, and stylish ceiling fans throughout. The front & back security doors invite in refreshing breezes, enhancing your outdoor living experience. Step out onto the large patio equipped with sunshades, offering breathtaking views of the San Tan Mountains. The low-maintenance artificial grass adds a touch of greenery without the hassle. ((CONTINUED)) The gourmet kitchen is a chef's dream, boasting staggered 42 maple cabinets, gorgeous granite countertops, stainless steel appliances, and a spacious kitchen island for all your culinary creations. Need a quiet workspace? The office features built-in maple cabinetry and a cozy window seat, providing both functionality and charm. Plus, the garage has been upgraded with insulation and a mini-split AC unit for added comfort. Roof, landscaping and pool heater have been upgraded in the last 2 years. This home is ready for it's next owner!

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2622 E Acoma Drive Phoenix, AZ 85032

$625,000

4 Beds

2 Baths

2,306 SqFt

Status Active Under Contract

MLS # 6775073

Property Type Single Family Residence

Price Type --

VIEWS, VIEWS, VIEWS!! Spectacular location in a very peaceful and serene neighborhood. Walk across the street and enter the preserve for a nice hike. Enjoy this unique floorplan w/updated kitchen, personal bar with built-in keg dispenser, updated bathrooms w/oversized master shower. Extended exterior deck for a place to escape while taking in the breathtaking views!

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925 W Heatherbrae Drive Phoenix, AZ 85013

$625,000

2 Beds

2.5 Baths

1,284 SqFt

Status Active Under Contract

MLS # 6779789

Property Type Single Family Residence

Price Type --

Welcome to a rare find in the heart of the Woodlea Historic District—a classic English Tudor on one of the most iconic streets, complete with a charming guest house and nestled on a lush, irrigated lot. From the moment you arrive, this storybook home enchants with its curb appeal: mature shade trees, a paver walkway, and a sunny front porch that invites you to step inside. Enter through the beautiful paned glass front door and fall in love with the spacious living room, where original wood floors, coved ceilings, built-in bookshelves, and a stunning plaster fireplace create a timeless ambiance that's both cozy and elegant. The kitchen has been thoughtfully updated with quartz countertops, stainless steel appliances, ample shaker cabinets, and stylish tile flooring, seamlessly blending modern convenience with historic charm. The primary suite is a luxurious retreat, featuring a sitting area, an updated ensuite bath, walk-in closet, and a private exit to the lush backyard. The home's second bedroom (currently used as a dining room) and the fully updated guest bath make hosting a delight, while the dedicated indoor laundry space adds extra ease to daily life. Step into the backyard and discover the charming guest house with a half bath, perfect for visitors, a home office, art studio, or anything your heart desires. Surrounding outdoor spaces provide private, tranquil areas to unwind and enjoy Arizona's beautiful weather. Located just a short stroll from the vibrant shops and restaurants of Melrose, this home is as ideal as its neighborhood. Don't miss your chance to own this classic Tudor- rarely does a home this special come to the market. (Main home is 1080 sqft with 2 bed/2bath, guest is 204 sqft with 1/2 bath)

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2920 S 96th Street Mesa, AZ 85212

$625,000

4 Beds

2 Baths

2,334 SqFt

Status Active Under Contract

MLS # 6780421

Property Type Single Family Residence

Price Type --

Check out this gorgeous home in the highly sought after Mesquite Canyon Community. Plenty of parks, play areas & Gilbert Schools! This home has 4 bedrooms 2 baths and a large office space that can be converted into a 5th bedroom. The updates are breathtaking! Quartz countertops, a large kitchen island, tile in every room, recess lighting and fresh custom paint are just some of things you will love. The gorgeous master and guest bathrooms are a must see! The master bedroom has a private backyard entrance for a convenient access to the new pebble tech pool! New AC was just installed. Close to shopping, dining, freeways and entertainment!

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43308 N 44th Drive New River, AZ 85087

New

$625,000

5 Beds

3.5 Baths

3,531 SqFt

Status Active

MLS # 6789453

Property Type Single Family Residence

Price Type --

Gorgeous 5 bedroom, 3.5 bath home with spectacular views! Beautiful vaulted ceilings welcome you as you enter the home. The gorgeous kitchen boasts ample cabinet space with granite countertops, an island plus breakfast bar and bay window. Large master bedroom located on the first floor with hardwood floors, beautiful barn door with soft close leading to master bath which boasts double sinks, deep garden tub and large walk-in closet. Upgrades include: stunning hardwood floors and staircase, many windows have automatic shades controlled with light switch, all stainless steel appliances, extra storage and racks in garage, utility sink added in garage, oversized hot water tank, insulated garage panels and auto timer on garage door. pavers and artificial turf in backyard, above ground jacuzzi with new heat pump, retractable electric awning over large covered patio, spiral staircase up to balcony has been completed by licensed contractor to enjoy the stunning views.

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3535 E Covina Street Mesa, AZ 85213

$625,000

5 Beds

3 Baths

2,584 SqFt

Status Active Under Contract

MLS # 6769474

Property Type Single Family Residence

Price Type --

**AMAZING TRI-LEVEL with GORGEOUS CURB APPEAL** Be impressed with the lush lawn and fragrant roses as you step into this updated Mesa home. Sunlight, vaulted ceilings & neutral paint give this home an airy feel. The main level features a large great room & formal dining area with views of the spacious backyard filled with grass, trees & garden! The updated eat-in kitchen boasts 2 large pantries, granite counters, gas range, stainless appliances & French door refrigerator. Upstairs you'll find the owners suite with double vanity, tile shower, garden tub & walk-in closet. There are two more bedrooms & bath upstairs. The downstairs family room makes a perfect game room, play room or media space. Two bedrooms & bath complete the downstairs. You'll love.... ...the storage of the spacious 3 car garage. There is a soft water system, R/O system too. Located across the street from green space, its like having your own park! Come and see this beautiful home today!

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2132 Quail Court Page, AZ 86040

$625,000

4 Beds

4 Baths

2,358 SqFt

Status Active

MLS # 6699099

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This charming Santa Fe-style abode boasts 4 beds and 4 baths, perfect for your family's comfort. With a spacious two-story layout, every corner exudes warmth and character. Hard flooring throughout ensures easy maintenance, while granite countertops elevate the kitchen and bathrooms with timeless elegance. Embrace the Southwest vibes and make cherished memories in this inviting sanctuary.

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1873 E Mcnair Drive Tempe, AZ 85283

$625,000

4 Beds

2.5 Baths

2,138 SqFt

Status Active

MLS # 6663148

Property Type Single Family Residence

Price Type --

Amazing location in Tempe! Welcome home by Oasis Anozira lake subdivision, with community walking path around the nearby lake. This home features 4 bed. , 2.5 baths, Family room opens to the kitchen w/ island & dining area , Formal Living Room & Dining Room w/ Vaulted Ceiling , From Master Bed. you can exit to the beautiful, huge balcony & enjoy the outdoors. The Master bath features double sinks, separate shower, bath tub, toilet room & walking closet. Garage includes built in cabinets, front entrance with tile & lash landscaping, the extended back patio has newer ceiling, neutral tile, the walkway along the house. Enjoy the beautiful landscaped yard with large grassy area. House has new A/C (installed Jan. 2024) and great location, close to major freeway, shopping, dining..

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17750 W Pershing Street Surprise, AZ 85388

$625,000

3 Beds

2 Baths

2,526 SqFt

Status Active

MLS # 6696333

Property Type Single Family Residence

Price Type --

Gorgeous Single Level 3 bedroom plus an Office/Den or 4th Bedroom One full bathroom and one full deluxe bathroom. Kitchen plus Nook Lot Size: Almost 1/4 acre. ''Huge back yard'' Extra driveway added with 2 RV Gates. Open floor Plan. Lrg Family Room. Formal Living & Dining Room. Lrg Laundry Room. Large private pool (10k Gal) and Hot tub. Cobble stone driveway & 2nd RV gate added. 5+ Parking Spaces, plus Security/Motion lighting added,(Front and Back). Minutes to golfing, Walmart and more. Easy access to 303 hwy. New Recreation Center coming in 2025, three mins away.

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