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

12011 W Parkway Lane Avondale, AZ 85323

$565,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6741404

Property Type Single Family Residence

Price Type --

Explore this stunning Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; an immense great room boasting center-meet doors leading onto a relaxing covered patio; an impressive primary suite showcasing a large walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, tray ceilings, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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11942 W Parkway Lane Avondale, AZ 85323

$565,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6741439

Property Type Single Family Residence

Price Type --

Discover this impressive Celeste home, ready for quick move-in! Included features: a covered entry; a spacious study; a gourmet kitchen boasting 42'' cabinets, quartz countertops, stainless-steel appliances, a center island and a generous walk-in pantry; an inviting nook with center-meet patio doors; an elegant great room; a secluded primary suite offering an oversized walk-in closet and a private bath with double sinks; three secondary bedrooms; two additional baths; a central laundry and a relaxing covered patio. This home also showcases dramatic 10' ceilings, wood laminate flooring, cultured marble bath countertops, ceiling fan prewiring and extra windows in select rooms, front yard landscaping and concrete pavers at the walkway and driveway.

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4010 S 178th Lane Goodyear, AZ 85338

$565,588

4 Beds

3.5 Baths

2,639 SqFt

Status Active

MLS # 6768888

Property Type Single Family Residence

Price Type --

Ready for quick move in! Welcome to the Juniper Floor Plan, a magnificent single-story haven meticulously designed to offer space, comfort, and versatility. Boasting an expansive 2639 square feet, this home provides a seamless fusion of elegance and practicality. Discover the allure of 4 beautifully appointed bedrooms, each offering a serene sanctuary for rest and rejuvenation. The Owners Suite stands out as a true retreat, featuring a walk-in closet that keeps your belongings organized and easily accessible. ALWAYS BUILT W/SPRAY FOAM INSULATION & TANKLESS WATER HEATER!!

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13747 W Nogales Drive Sun City West, AZ 85375

$565,500

2 Beds

2 Baths

1,837 SqFt

Status Active

MLS # 6734640

Property Type Single Family Residence

Price Type --

Presenting the San Ysidro Model home, a masterpiece of elegance and refined taste, situated on a corner lot within the serene, gated community of Corte Bella. This home spans 1,837 sq ft and features two spacious bedrooms and two luxurious bathrooms,+ large den/office tailored for both enchanting entertainment and peaceful relaxation. The heart of this home offers a chef's dream kitchen, fully upgraded with stainless steel appliances, granite countertops, a center island, and an ample pantry. The primary suite offers a sanctuary-like experience with bay windows, modernized flooring, a large walk-in closet, and a private water closet with double sinks. The accompanying bedroom and bathroom continue the theme of luxury with updated fixtures, and new installations. Expansive connections between the great room, den/office with custom French doors, dining, and kitchen areas showcase the carefully selected neutral tile flooring throughout, reflecting a tastefully designed interior. This exceptional property is now available for sale, ready to fulfill your dream of sophisticated yet practical living.

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10909 E Silvertree Drive Sun Lakes, AZ 85248

$565,444

2 Beds

2 Baths

1,833 SqFt

Status Active Under Contract

MLS # 6777341

Property Type Single Family Residence

Price Type --

Looking for a private, gated, community with access to 2 golf courses, 2 club houses, 3 community pools/spas, 2 restaurants, many pickle ball courts, and more? Well, look no further. This home has many updated features including, but not limited to, HVAC in 2024, updated kitchen with all new appliances, cabinets updated with paint, euro soft close hinges & hardware in 2023, Whole home salt free filter system in 2024, and updated plumbing fixtures in 2024. There's also a private front courtyard for relaxing as well as a covered patio in the private backyard. There are ceiling fans in the great room, both bedrooms and the breakfast nook off the kitchen. This home also has a two car garage and a golf cart garage. Stop by and see if this is just the home you've been looking for. Thank you.

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30133 N 172nd Street Rio Verde, AZ 85263

$565,000

3 Beds

2 Baths

1,637 SqFt

Status Active Under Contract

MLS # 6771208

Property Type Single Family Residence

Price Type --

Stunning views of Four Peaks, Weaver's Needle, and the Superstitions are the backdrop of this 1.059 acre property. The 3 bedroom, 2 bathroom split floor plan is move-in ready, lightly lived-in, and only 2 years old. The home is centered around a spacious great room, offers 9+ ft ceilings, and energy-efficient dual-pane low-e windows. The kitchen is beautifully designed with quartz countertops, upgraded cabinetry, and tile backsplash. Upgrades include 12ft sliding doors, spray foam insulation, upgraded doors throughout, enhanced desert landscaping, custom paver patio, retaining wall, and gutters. Step outside to a covered patio and enjoy the beautiful scenery. Ask about the guaranteed water through EPCOR's Rio Verde Foothills Standpipe project.

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23074 E Desert Spoon Drive Queen Creek, AZ 85142

$565,000

3 Beds

2 Baths

2,381 SqFt

Status Active

MLS # 6769675

Property Type Single Family Residence

Price Type --

Discover this exceptional single-level residence featuring 3 bedrooms plus a versatile den, ideally situated just a block away from the community pool, splash pad, and parks perfect for leisure and entertainment. Upon entering, you are welcomed by an inviting open floor plan that harmoniously connects the living, dining, and kitchen areas, providing an ideal space for both entertaining and everyday living. The bright living area is enhanced by large windows and a sliding glass door that floods the space with natural light. The modern kitchen is designed for both functionality and style, showcasing sleek countertops, ample cabinetry, and a central island that serves as a perfect gathering spot for casual meals or socializing with guests. Step outside to a blank canvas backyard, offering endless possibilities for creating your personal outdoor retreat. This space is perfect for entertaining, gardening, or simply enjoying the tranquility of your surroundings. Seize this opportunity to reside in the highly sought-after Meridian community, where convenience meets elegance. Don't miss the potential this beautiful home has to offer!

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4517 W Bluefield Avenue Glendale, AZ 85308

$565,000

3 Beds

2 Baths

2,080 SqFt

Status Active

MLS # 6704844

Property Type Single Family Residence

Price Type --

Gorgeous home with a pool & golf course views! Boasting real wood flooring throughout & vaulted ceilings. Bright, open kitchen with white cabinetry, granite countertops, stainless steel appliances, island, & RO System. Enjoy privacy with a split floor plan. 2 newly remodeled with updated vanities & modern showers/tubs. Backyard oasis offers a sparkling pool with new pump, covered patio, green space, & pavers. Also featured, a 2-car garage, new water heater, & a new washer & dryer. Seated on a lot backing the golf course with view fencing, you'll love living in this ulta-private community with amenities like a pool, spa, clubhouse, and convenient access to Tanger Outlets, Westgate Entertainment District, State Farm Stadium, shopping, dining, and more - the options are endless!

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2814 S Fossil Creek Lane Flagstaff, AZ 86001

$565,000

2 Beds

2 Baths

1,710 SqFt

Status Active

MLS # 6739279

Property Type Single Family Residence

Price Type --

Welcome home! This bright and cheery 3-bedroom, 2.5-bathroom home is fully furnished, boasting a thoughtful and cozi layout. The sunny living room welcomes you as you enter the home, with a comfortably sized powder room conveniently tucked away beneath the staircase. The dining room seamlessly combines with the kitchen, which features stainless steel appliances and a convenient breakfast bar for casual dining... The ample primary suite offers a peaceful escape with its well-appointed design-including plenty of room for a work station, treadmill or reading nook. A great feature of this home is the 2-car tandem garage, providing substantial space for your vehicles and additional storage needs. The backyard is surrounded by privacy fencing, complete with a paved patio area - perfect for ent

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5497 S Joshua Tree Lane Gilbert, AZ 85298

$565,000

4 Beds

3 Baths

1,840 SqFt

Status Active

MLS # 6746360

Property Type Single Family Residence

Price Type --

Discover this impeccably maintained 4-bedroom, 3-bathroom home with an inviting open concept floor plan, nestled in the prestigious Bridge community. The updated kitchen features a natural gas oven/stove, a new microwave, a dishwasher, and a triple filtration system. This well-designed space seamlessly transitions into the dining and living areas, perfect for modern living. The extended garage offers ample space for large vehicles or additional storage. Professionally installed pavers adorn the side of the home, leading to a beautifully landscaped backyard. Enjoy a versatile outdoor area with a 16' x 2.5' planting bed, a 5' x 11' paved storage area, a covered patio, and a built-in gas hookup for your grill. Additional highlights include an owned water softener, stylish floating flooring in the master bedroom, a custom-designed screen door at the front entry, and a security system ready for reactivation. Experience the exceptional features of this home firsthand.

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3211 E Kerry Lane Phoenix, AZ 85050

$565,000

4 Beds

2.5 Baths

1,880 SqFt

Status Active

MLS # 6758934

Property Type Single Family Residence

Price Type --

Nestled in a quiet cul-de-sac, this stunning 4-bed, 2.5-bath home offers the perfect blend of comfort and style. Enjoy the benefits of energy efficiency with Newly Leased solar panels. Relax in a Refreshing Pool at the end of your day or all weekend long! There are no neighbors behind to peer down at you. The sleek remodeled kitchen offers modern appliances, quartz countertops, and ample cabinetry, perfect for any home chef. Just minutes from Desert Ridge Shopping, Loop 101, and the Musical Instrument Museum. Fantastic location to get you anywhere in the Greater Metro area quickly.

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2133 N Atwood -- Mesa, AZ 85207

$565,000

2 Beds

2 Baths

1,379 SqFt

Status Active

MLS # 6759727

Property Type Townhouse

Price Type --

Escape to your own Desert Oasis! This radiant 2 bed, 2 bath retreat in the coveted Mountain Bridge Community is ready to welcome you home. Built in 2017, this light-filled haven features a split floorplan, modern upgrades & abundant storage, including built-in garage cabinets. The kitchen is a chef's dream w/stainless steel appliances, generous pantry & ample counter space. The oversized laundry room & private grassy backyard backing to a scenic desert wash offer extra comfort. HOA covers roof & exterior paint making it a perfect lock-and-leave option. Mountain Bridge is an award-winning master-planned community w/extensive amenities- pools, fitness centers, tennis, pickleball & basketball courts, plus playground putting green. Bella Via adds its own private pool, spa, clubhouse & more!

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