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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7631 S Kenwood Lane Tempe, AZ 85284

$549,999

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6765825

Property Type Single Family Residence

Price Type --

BEAUTIFULLY REMODELED! Move right into this charming home in a prime Tempe location! Providing 3 beds, 2 baths, 2-car garage, & a low-care landscape. The immaculate interior, with a spacious open layout, boasts clean lines that promote a modern feel! Enhanced by fresh neutral paint, vaulted ceilings, recessed lighting, abundant natural light, & new wood-look floors. The renewed kitchen has SS elec range & dishwasher, quartz counters, tile backsplash, white shaker cabinetry, and a waterfall peninsula w/breakfast bar. Well-appointed bedrooms & updated bathrooms! Main bedroom offers French doors to the back and a barn door that opens to the ensuite w/dual sinks & a walk-in closet. Enjoy the entertainer's backyard with two covered patios, a well, artificial turf, & a sparkling pool! Just WOW!

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6071 S Topaz Place Chandler, AZ 85249

$549,999

4 Beds

2 Baths

1,842 SqFt

Status Active

MLS # 6759322

Property Type Single Family Residence

Price Type --

Welcome to 6071 S. Topaz Pl, a stunning 4 bedroom 2 bathroom home nestled in the sought after Sun Groves community in Chandler. This well maintained residence offers a spacious floor plan, modern upgrades, solar panels, and a peaceful neighborhood, making it the perfect family home in a prime location. Step inside to find a bright and open floor plan with high ceilings and large windows, filling the home with natural light. The expansive living area features two tone paint, plantation shutters, and gorgeous tile flooring, making it ideal for both everyday living and entertaining guests. The beautifully upgraded kitchen features granite countertops, matching appliances, a large kitchen island, and ample cabinet space. It's perfect for preparing meals and hosting gatherings with friends and family. Step outside to the beautifully landscaped backyard, which offers a covered patio, a sparkling pool, a generous gazebo, and plenty of room for outdoor relaxation or entertaining. Sun Groves is known for its family friendly atmosphere, beautifully maintained parks, and scenic surroundings. With easy access to top rated schools and nearby shopping centers, it's the ideal place to enjoy a suburban lifestyle with modern amenities! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available on this home via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $584/month in year 1 and $298/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

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2537 E Carla Vista Drive Gilbert, AZ 85295

$549,999

3 Beds

2 Baths

1,791 SqFt

Status Active Under Contract

MLS # 6758610

Property Type Single Family Residence

Price Type --

This beloved home is in very popular pet friendly area! Nestled next to greenbelt, community pool & basketball court. Gorgeous home w/ 3 BDS & den which can easily convert to 4th BD. Open floorplan. Kitchen has large breakfast bar which opens into living/dining area. Newer stainless steel appliances w/ breakfast nook. Any car enthusiasts? The 3 car-garage has been upgraded with Gladiator slats hung on studs on the walls in garage for hanging tools, cabinets, etc. Separate circuits for Garage HVAC & outlets bar. Dedicated 220 for air compressor. Circuit that supports elec vehicle. Trusses for electric line for work light & to attach to air compressor w/ rubber isolates. Very sturdy. Extra 1500 SF of concrete poured for custom black steel RV gate & parking. Tuff Shed w/ electric & custom wo

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723 W Rosal Place Chandler, AZ 85225

$549,999

4 Beds

2 Baths

1,938 SqFt

Status Active

MLS # 6785017

Property Type Single Family Residence

Price Type --

**NEW ROOF** on this fantastic 4-bed, 2-bath home nestled on a prime corner lot! Starring a 2-car garage, RV gate, & a low-care landscape. The inviting interior features modern light fixtures, neutral paint, wood-look tile flooring throughout, and vaulted ceilings that add to the airy feel. If entertaining is on your mind, you'll love the perfectly flowing open layout paired with a fireplace in the living space! The impressive kitchen boasts black SS appliances, granite counters, glass tile backsplash, white shaker cabinets, and an island w/breakfast bar. Large main bedroom has French doors to the back, a walk-in closet, and an ensuite with dual sinks & a soaking tub. Out the back, you have a storage shed and a Pergola patio to relax while enjoying BBQ. Great location! Welcome home

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1321 N Delmar -- Mesa, AZ 85203

Open House

$549,999

4 Beds

2.5 Baths

2,507 SqFt

Status Active

MLS # 6770242

Property Type Single Family Residence

Price Type --

Welcome to this meticulously maintained single-level home in Mesa, featuring 4 bedrooms and 2.5 baths. As you enter, you'll find a formal living room and dining room with a charming wood-burning fireplace, perfect for cozy gatherings. The home boasts new carpet and fresh paint throughout, along with a newer roof and AC units for optimal comfort. Enjoy the convenience of garage cabinets and additional storage, along with two sheds for your outdoor needs. Step outside to a large patio, ideal for entertaining or relaxing in the sun. The property features an RV gate for added accessibility. Located in a vibrant community with a pool and lakes, and near a golf course, this home is also centrally located to shopping, dining, and easy commute to surrounding cities. Don't miss out!

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18583 W Swayback Pass Pass Surprise, AZ 85387

$549,995

3 Beds

3 Baths

2,088 SqFt

Status Active

MLS # 6770088

Property Type Single Family Residence

Price Type --

Explore this exciting fully furnished Emerald model home with a mulitgen suite ready for November move-in, on a homesite boasting driveway pavers and front/back yard landscaping. Included features: an inviting covered entry; a study in lieu of a bedroom; a spacious great room; an open dining area; a well-appointed kitchen offering quartz countertops, stainless-steel appliances, 42'' cabinets, a roomy pantry and a center island; a beautiful primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; double laundry appliances; a covered patio, and a 3-car garage. This home also offers additional windows, ceiling fans, and full appliances and stone tile flooring in select rooms.

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2121 W Sonoran Desert Drive Unit 41 Phoenix, AZ 85085

$549,995

3 Beds

2.5 Baths

1,567 SqFt

Status Active

MLS # 6648426

Property Type Townhouse

Price Type --

Check out this beautifully crafted 2-bedroom 2.5 bath home with well-appointed interior finishes. The casual dining area is adjacent to the kitchen and provides a convenient and intimate setting. Featuring designer upgrades throughout including flooring, cabinetry, quartz countertops, and stainless-steel kitchen appliances. The community is situated just minutes away from shopping, dining, and entertainment. Call today to learn more about this stunning Quick Move In and lending incentives!

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9390 Mead Lane Snowflake, AZ 85937

$549,995

6 Beds

4 Baths

2,624 SqFt

Status Active

MLS # 6734119

Property Type Manufactured Home

Price Type --

Wow! Check out this opportunity! 2 homes on 40 acres fully off grid and self-sustaining. The PRIMARY HOME offers 1568 square feet of living space with 3 bedrooms and 2 bathrooms. Floors recently upgraded to vinyl plank throughout. Split bedroom floor plan. Kitchen features hickory cabinets, granite counter tops, large kitchen island, farm sink and NEWER gas stove. Primary home is powered by 30 solar panels which is sustained by banks of lithium batteries. In addition to a 2 car masonry garage, the primary home also features a single car Graceland garage, a 14 X 40 carport and a 10 x 20 Graceland Lofted Barn Cabin for extra storage. The GUEST HOME offers 1056 square feet of living space with 3 bedrooms and 2 bathrooms. See additional description. The living space is bright and airy and features a split bedroom floor plan and breakfast bar. Guest home is powered by 25 solar panels and sustained by banks of 12 AGM Maintenance Free batteries. 1 private well services both homes. Power is also located nearby if you would prefer that option. This property would be perfect for multi-generational housing or could use guest home as rental income! Property is all off-grid but only 10 miles from town. Best of both worlds! Option to purchase home with 80 acres and additional private well on the upper 40 acres available. See MLS #6731913

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11432 E Quicksilver Avenue Mesa, AZ 85212

$549,995

5 Beds

2.5 Baths

3,096 SqFt

Status Active

MLS # 6736112

Property Type Single Family Residence

Price Type --

Large 5-Bedroom, All Bedrooms are large, formal Dining room, Kitchen Nook plus formal Dining Room, Pantry , Living room open to the Island Kitchen, Main floor Master Bedroom plus another on upper floor, Huge Loft Rec room, No smokers or pets ever, Southern facing, Two car Garage, new Epoxy floor, 2 new Trane 4 ton AC units, 10 year warranty, These are gas for lowest cost vs electric, Brand new Tile roof, 10 year warranty, New vinyl thermopane windows and blinds, New Tile flooring throughout the home, new bath fixtures, Large 7,000 sq ft lot, Low maintenance backyard big enough for a pool, Lockable side gate, lowest HOA dues, Lowest taxes for this large a home, Great Parks, Kids play areas, Easy commute to both 202 and the 60 freeway, This is the lowest priced 5 Bedroom in 85212 New Roof Warranty

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28430 N 51st Street Cave Creek, AZ 85331

$549,995

3 Beds

2.5 Baths

1,710 SqFt

Status Active

MLS # 6758424

Property Type Single Family Residence

Price Type --

Close to Dynamite and Tatum Blvd., Close to Desert Hill Shopping Center, Located on a Cul-De-Sac,Great floor plan, Large Master Bedroom with large two vanity, Shower/Tub, Bath, private water closet, large walkin Closet, Updated Kitchen with Stainless Appliances and new Refrigerator and stainless sink, Open to the Dining or Family room, Super high ceiling Living room also, Two other bedrooms are at opposite ends of the upstairs and share a full bath, Two Car garage has lots of storage shelves and brand new Epoxy floor, Large private backyard that's easy maintenance, Close to the 101 and 51 freeways, easy commute to the downtown Phoenix, Scottsdale areas, 30 minutes to the Airport, This is the lowest priced 3 bedroom, 3 bath home in Cave Creek, Has low HOA fee and low taxes

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35176 N Lead Way San Tan Valley, AZ 85144

Open House

New

$549,995

3 Beds

2.5 Baths

2,212 SqFt

Status Active

MLS # 6787371

Property Type Single Family Residence

Price Type --

Love everything about this home. The open-concept kitchen and great room provide the ideal space for entertaining. A first-floor office provides the space to work from home. Multi-panel stacking doors and a luxury outdoor living space enhance your outdoor experience. The community is situated just minutes away from shopping, dining, and entertainment.

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2606 E Abe Truckle Avenue San Tan Valley, AZ 85140

$549,990

3 Beds

2.5 Baths

2,171 SqFt

Status Active

MLS # 6730768

Property Type Single Family Residence

Price Type --

Located in San Tan Valley, this adorable single story, 2171 sqare foot residence boasts a meticulously designed living space. Crafted with a keen eye for both style and functionality, this home harmoniously blends modern elegance with timeless comfort. This home seamlessly integrates open-concept living, featuring a den, 8' doors, 4-panel center sliding glass door, a large kitchen adorned with quartz countertops, white cabinets and stainless steel appliances. The expansive owner's suite includes dual vanities in the bathroom and a large walk-in closet. Additional bedrooms offer ample space for family or guests, each thoughtfully designed with comfort in mind. Complete with a 4-car garage, two car tandem and a RV garage this residence represents the epitome of ideal living.

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