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

5161 N Scottsdale Road Eloy, AZ 85131

$595,000

3 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6666215

Property Type Single Family Residence

Price Type --

Ideally located within the Robson Ranch golf course community, this CALABRIA model boasts an upgraded private entrance & courtyard complete w/ a tranquil pond & gas fireplace, a serene space complete w/ a charming guest casita. Integra-Block construction, new A/C unit, 4 ft. garage extension w/ cabinet built-in & ample attic storage. INTERIOR FEATURES: Extended bedroom nooks, plantation shutters, mood lighting, hardwood flooring throughout den, hallways, living room. Gas appliances. EXTERIOR FEATURES: Outdoor kitchen, BBQ, misting system, covered & enclosed patio, hot tub off master, gas firepits, pond w/ footbridge, separate garden enclosure area with grape vines & citrus trees. Owner/agent.

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7700 E Gainey Ranch Road Unit 103 Scottsdale, AZ 85258

$595,000

2 Beds

2 Baths

1,104 SqFt

Status Active

MLS # 6705937

Property Type Townhouse

Price Type --

Welcome Home to Sunset Cove in the guard-gated community of Gainey Ranch! This single-level, 2-bedroom, 2-bath furnished, move in ready, townhome offers easy living in an excellent location. The Gainey Estate Club is just a short walk away, perfect for a quick swim, workout, tennis, or game of pickleball. You'll also be close to all that Scottsdale has to offer, including hiking, biking, restaurants, shopping, and entertainment. This home has been updated over the years, with the current seller adding many upgrades. Features include a gourmet kitchen, BBQ patio, spacious bedrooms, and a private patio off the primary bedroom. The home also includes a detached one-car garage and extra parking. Welcome Home

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41355 N Salix Drive San Tan Valley, AZ 85140

$595,000

4 Beds

3.5 Baths

3,741 SqFt

Status Active

MLS # 6699464

Property Type Single Family Residence

Price Type --

In the heart of the Taylor Ranch community in San Tan Valley lies a haven of tranquility and luxury. Welcome to this stunning 3741 square foot residence with a thoughtfully designed floor plan with 4 bedrooms and 3.5 baths , 3-car garage + a den/office offers the perfect retreat for productivity and focus. Don't miss the huge loft area for a great game room or craft area. Discover the backyard oasis, featuring a fenced pool that beckons you to take a refreshing dip on warm Arizona days or gather around the outdoor fireplace on cool evenings. Updated A/C units were installed in 2020, to ensure year-round comfort and energy efficiency. Closely located near the new Costco at Ellsworth Rd and EZ freeway access to the new I-24. Come see how much this wonderful home has to offer.

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2323 W Kachina Trail Phoenix, AZ 85041

$595,000

4 Beds

3.5 Baths

2,719 SqFt

Status Active

MLS # 6703483

Property Type Single Family Residence

Price Type --

Welcome to this beautiful single level home with mountain views located in the immaculate Southern Highlands gated community. This incredible home has an open great room and split floor plan with 4 bedrooms (and a den that could easily be converted into a 5th bedroom) PLUS 3.5 BATHS AND TWO MASTER SUITES! The master bedroom has two separate walk-in closets. The home flooring features beautiful wood, tile, and carpeting throughout. The island kitchen has granite counter tops, 42'' stair step cabinets, walk-in pantry, stainless steel gas range, built in microwave / convection oven, and a breakfast nook in addition to the formal dining area. There are soft water & RO water treatment systems. See Supplemental Remarks for continuation of features The backyard is extremely private, and is currently a blank slate ready for landscaping according to the new owner's preferences. The backyard also features a covered patio, a watering system front & back on timer, and an available gas stub. The two car garage has an expoxy coating. The home is located in close proximity to downtown Phoenix.

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17983 E Vista Desierto -- Rio Verde, AZ 85263

$595,000

2 Beds

2 Baths

1,370 SqFt

Status Active

MLS # 6724151

Property Type Single Family Residence

Price Type --

Spectacular 2 bedroom 2 bath home with $100,000 in upgrades in Trilogy at Verde River. Chef's kitchen features stainless steel Monogram appliances including built-in refrigerator/freezer, gas cooktop, dishwasher microwave and wall oven. Granite and quartz countertops. Magnificent glass tile backsplash. Very open great room floor plan is ideal for entertaining. Primary suite offers luxurious bath room with double sinks, built-in vanity, oversized shower. and custom walk-in closet. Private back yard with large covered patio, desert landscaping and artificial turf. Trilogy at Verde River offers an array of activities. Please visit their website for details.

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3212 S Marryvale Lane Flagstaff, AZ 86005

$595,000

2 Beds

2 Baths

1,410 SqFt

Status Active

MLS # 6728129

Property Type Townhouse

Price Type --

RARE OPPORTUNITY for a SINGLE LEVEL in Pinnacle Pines - and it even includes A/C! Come take a look at this nicely appointed 2 bedroom home with a great layout and use of space. The split floor plan design provides privacy for each of the two bedrooms while the great room combines the Living/Kitchen/Dining into an open and comfortable gathering space. A modest sized covered deck overlooking the backyard is great for spending a relaxing afternoon enjoying the outdoors. Other wonderful features include a flat, SW facing driveway, separate laundry room, lots of extra storage in the large crawl space, and did I mention A/C? Come take a look at this great home located on a quiet cul-de-sac in Pinnacle Pines!

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4755 W Morin Road Mcneal, AZ 85617

$595,000

3 Beds

2 Baths

2,142 SqFt

Status Active

MLS # 6731687

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! Will consider all offers. Looking to expand your agricultural endeavors or seeking a tranquil retreat? Situated on over 90 acres, ideal for horses & livestock. This home features 3 bedrooms/2 bathrooms plus a spacious basement for additional living space & storage. Living room, formal dining, & office/den provide plenty of options for relaxation & entertaining. Custom kitchen appliances, fireplace, wood-burning stove, custom woodworking, & built-in bookshelves add character & functionality. Outside is covered parking, a workshop, barn, & storage shed, along with 5 raised garden beds. Private Well! Farm equipment(2 tractors plus box blade, brush mower, & post hole digger)can remain with acceptable offer! A perfect blend of rural lifestyle, serenity, & modern convenience.

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32561 Felix -- San Tan Valley, AZ 85143

$595,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6739254

Property Type Manufactured Home

Price Type --

Exceptional Home with Pool, Casita, Storage Shed & carport on over 1.3 acres. Welcome to this exceptional property, where comfort meets versatility in a stunning 3-bedroom, 2-bathroom primary residence. This home is perfect for those seeking a blend of relaxation, functionality, & additional living space with a country living feel yet not too far from amenities. Step into the inviting main residence, where an open layout & modern design create a welcoming ambiance. The spacious living room features large windows that bathe the space in natural light & provide beautiful views of the surrounding landscape. The kitchen is a chef's delight, equipped with sleek appliances, quartz countertops, & ample cabinet space & a large walk in pantry. A large island provides additional prep space & a casual dining area. Adjacent to the kitchen is a comfortable dining area that opens to the backyard, perfect for alfresco dining. The main bedroom is a serene retreat with generous closet space a & an en-suite bathroom featuring a double vanity, separate shower & storage. Two additional well-sized bedrooms share a 2nd full bathroom, designed with modern fixtures and a stylish aesthetic. The expansive backyard is a true highlight, featuring a sparkling pool with water feature, slide & surrounded by a spacious travertine deck, ideal for sunbathing & entertaining. A well-maintained storage shed (40x30) offers practical storage solutions for outdoor equipment, supplies & can be used as a garage plus a 20x40 carport. This property also boasts a charming casita, providing a private & versatile space that can serve as a guest suite, home office, or artist's studio. The 12x24 casita is thoughtfully designed with its own entrance, ensuring privacy & comfort for its occupants. Other features include established landscaping, pavers, & fenced yard. This unique property offers a rare combination of features, including a main residence, pool, casita, shed & carport making it a standout choice for those seeking both comfort & versatility. Move away from the big city & be amazed at all the stars! Don't miss the opportunity to make this exceptional property your new home!

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1357 N Nebraska Street Chandler, AZ 85225

$595,000

3 Beds

3 Baths

1,971 SqFt

Status Active

MLS # 6740805

Property Type Single Family Residence

Price Type --

Discover your dream home in Chandler! Situtated on a cul-de-sac lot, this main house is 1,971 sq ft, 3 bedrooms, 2 baths, PLUS 356 sq ft detached guest house with a full bath and kitchenette. Enjoy no HOA restrictions and a 9ft RV gate with a slab for boats, campers, and other toys. The backyard features a Pebble Tec pool with a rock water feature and slide (updated in 2017), a ramada, and an extended covered patio. The main house, guest house, and storage shed received new roofs in 2021. Main & guest house exterior paint in 2022 with 20 year warranty. Stay comfortable with two new HVAC systems installed in 2020 and a solar water heater added in 2023. This home is a perfect blend of comfort and convenience in Chandler! Be sure to ask about the energy audit & solar savings!

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5333 W Farmhand Drive Laveen, AZ 85339

$595,000

4 Beds

3.5 Baths

2,822 SqFt

Status Active

MLS # 6752164

Property Type Single Family Residence

Price Type --

This stunning Taylor Morrison Pinnacle model is just 2 years old and is move in ready for you now-no need to wait for a new build! With 2822 sq ft, 4 bedrooms, and 3.5 baths, this open floor plan home boasts luxury vinyl plank flooring in French oak pearl, a gourmet kitchen with upgraded cabinets, backsplash, Cafe appliances, and a spacious loft/den for additional living space. Enjoy features like a super shower in the primary bath ,a 220V outlet in garage AND an additional Tesla charging port, and smart home technology. The finished backyard with artificial turf, pavers, fairy lights and gorgeous mountain views add a touch of magic for your evenings.

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4611 S Boulder Court Gilbert, AZ 85297

$595,000

3 Beds

2.5 Baths

2,350 SqFt

Status Active

MLS # 6748381

Property Type Single Family Residence

Price Type --

This beautiful 3-bedroom, 1-loft, 2.5-bath house is located in the highly desirable Vista Del Oro subdivision. The spacious floor plan features a large living room, dining area, family room, and a fabulous eat-in kitchen. The master bedroom includes a master bath and a walk-in closet, and there is also a convenient laundry room. The open-concept kitchen and family room feature high ceilings, enhancing the home's spacious feel. The large backyard is perfect for creating your dream outdoor space and has room to build a pool and more. The house also includes a 2-car garage. It is close to the freeway, shopping, entertainment, and schools. This home offers both comfort and accessibility. Additionally, the exterior is freshly painted.

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3281 N Eagles Creek Drive Show Low, AZ 85901

$595,000

3 Beds

2 Baths

1,737 SqFt

Status Active

MLS # 6751334

Property Type Single Family Residence

Price Type --

Nestled in a tranquil neighborhood, this beautiful home offers a perfect blend of comfort, style, and convenience. As you step inside, you are greeted by a spacious and open floor plan that seamlessly combines modern design with a warm and welcoming ambiance. The well-appointed kitchen is a chef's dream, featuring sleek countertops, ample cabinet space, and state-of-the-art appliances. Whether you're hosting a family gathering or enjoying a quiet meal, this kitchen is sure to impress. The living area is thoughtfully designed with a focus on both relaxation and entertainment. The generous windows fill the space with natural light, creating an inviting atmosphere for both residents and guests. Spend cozy evenings by the fireplace, creating cherished memories or unwind on lazy afternoons while enjoying your favorite book. The bedrooms are generously sized, providing a peaceful sanctuary for rest and relaxation. The master suite is a true retreat, boasting a private ensuite bathroom and ample closet space. Wake up rejuvenated and ready to take on the day in this luxurious haven. Step outside to discover a covered deck, perfect for hosting outdoor gatherings or simply enjoying the fresh air. Whether you're entertaining guests or savoring a quiet moment, the spacious deck offers a delightful space for relaxation and enjoyment. Create lasting memories as you gather around the fire pit, roast marshmallows, and share stories under the starry night sky. Located in the desirable city of Show Low, this home provides convenient access to a wealth of amenities. Explore the nearby parks, indulge in local dining, or take advantage of the recreational opportunities available in the area. With its picturesque surroundings and welcoming community, Show Low offers a quality of life that is second to none. Don't miss out on the opportunity to make 3281 N Eagles Creek Drive your forever home. Embrace a lifestyle of comfort, elegance, and convenience in this remarkable property.

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