Loan Affordability Calculator
Fill in the values and the answer updates as you type.
How the Loan Affordability Calculator works
Loan = payment × (1 − (1 + r)^−N) ÷ r, with r the monthly rate and N the number of monthly payments. This covers principal and interest only; add taxes, insurance, and fees to your budget separately. Example: with the default values, maximum loan amount comes to $189,852.98.
Inputs and results
The Loan Affordability Calculator takes 4 inputs and gives 4 results.
What you enter
- Monthly payment you can afford ($) — starts at 1200.
- Annual interest rate (%) — starts at 6.5.
- Loan term (years) — starts at 30.
- Down payment ($) — starts at 20000.
What you get
- Maximum loan amount
- Maximum purchase price
- Total of all payments
- Total interest
Example: Loan Affordability Calculator with the starting values
With monthly payment you can afford 1200 $, annual interest rate 6.5 %, loan term 30 years and down payment 20000 $, the calculator returns:
| Maximum loan amount | $189,852.98 |
|---|---|
| Maximum purchase price | $209,852.98 |
| Total of all payments | $432,000 |
| Total interest | $242,147.02 |
Change any value above and the results update straight away.
Loan Affordability Calculator FAQ
How do I use the Loan Affordability Calculator?
Enter monthly payment you can afford, annual interest rate, loan term and down payment in the fields, then read maximum loan amount, maximum purchase price, total of all payments and total interest in the result panel. The answer updates as you type, and you can press Calculate or Enter to refresh it. Use “Copy link” to share your exact numbers with someone else.
What does the Loan Affordability Calculator calculate?
Work out the largest loan a monthly payment can support. It returns maximum loan amount, maximum purchase price, total of all payments and total interest from the 4 values you provide.
What values does the Loan Affordability Calculator start with?
It opens with monthly payment you can afford 1200 $, annual interest rate 6.5 %, loan term 30 years and down payment 20000 $ so you can see a working result straight away. Replace them with your own numbers, or press Reset to return to these starting values.
Is the Loan Affordability Calculator free and private?
Yes. It is free, needs no account, and runs in your browser, so nothing you type is sent to or stored on our servers. See the Privacy Policy for details.
Can I rely on the Loan Affordability Calculator for financial decisions?
Treat the result as a well-rounded estimate. Real situations often have details a general calculator cannot know, so confirm financial decisions with a qualified professional. See the Disclaimer for more.