Mortgage Calculators
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How to use this calculator
This calculator estimates the home price you may be able to afford based on your income, monthly debts, down payment, and financing terms. Enter your gross income, any recurring monthly debt payments, and your anticipated down payment. Add an interest rate and loan term, then hit Calculate. The result shows your estimated maximum home price at a low-risk debt-to-income level, along with a slider you can use to explore higher or lower price points and see how your monthly payment and financial risk level shift in real time. Use the Optional – Taxes & Fees section to include property taxes, homeowners insurance, HOA dues, and PMI for a more complete monthly cost picture.
Get a more accurate affordability quote
This tool gives you a strong starting point, but your actual purchasing power depends on factors a calculator can't see: your credit profile, the loan programs you qualify for, current market rates, and how a lender will evaluate your full financial picture.
A Thompson Kane loan officer can review your situation and give you a clear, personalized answer: what you actually qualify for, and which loan program gives you the most buying power. There's no obligation, and it only takes a few minutes.
What's debt-to-income ratio & why does it matter?
Debt-to-income ratio, or DTI, is one of the most important numbers in mortgage lending. It compares your total monthly debt obligations to your gross monthly income. Lenders use it to evaluate how comfortably you can manage a new mortgage payment on top of your existing debts. Most conventional lenders prefer a DTI at or below 36%, which this calculator uses as its benchmark for a "Low" risk result. DTI between 36–43% is generally considered moderate: still approvable for many loan programs, but with less cushion. Above 43% is considered higher risk and may limit your loan options.
What rate should I enter?
Even small changes in interest rate can significantly impact your monthly payment and long-term cost.
Your actual rate depends on factors such as:
- •Credit score
- •Down payment
- •Loan type (Conventional, FHA, VA, etc.)
- •Loan term
- •Market conditions
If you're unsure what rate to use, we can quickly provide a realistic estimate based on your situation.
Disclaimer ~ How to Read the Results
The figures generated by this calculator are for informational and planning purposes only. They do not represent a loan offer, pre-approval, or commitment to lend, and should not be relied upon as a guarantee of any specific loan terms.
Your actual purchasing power, monthly payment, and loan eligibility will depend on a number of individual factors, including your credit history, income, assets, debt obligations, property type and value, selected loan program, and current market conditions. Property taxes, homeowners insurance, HOA dues, and mortgage insurance costs, which vary by location, property, and loan type, may not be fully reflected in calculator results.
Thompson Kane & Company is a licensed direct mortgage banker. All loans are subject to credit approval and standard underwriting guidelines. Rates, program availability, and terms are subject to change without notice.
For a personalized, accurate mortgage quote based on your specific situation, connect with a Thompson Kane loan officer.
How accurate is this affordability estimate?
It's a reliable starting point, but the number you see is shaped by the inputs you've provided, and your actual buying power will depend on factors a calculator can't fully account for: your complete debt picture, credit score, employment history, and the specific loan program you qualify for. Treat it as a planning range, not a ceiling. A Thompson Kane loan officer can give you a much sharper number in a short conversation
What's the difference between what I can afford and what I qualify for?
These two numbers are often different, and confusing them is one of the most common mistakes first-time buyers make. What you qualify for is determined by your lender. It's the maximum loan amount a lender is willing to extend based on your financials. What you can afford is a personal question that factors in your lifestyle, savings goals, job stability, and how much house payment you actually want to carry month to month. Qualifying for a $500,000 loan doesn't mean a $500,000 home fits your life.
What is DTI and why does it matter so much?
DTI, or debt-to-income ratio, is the percentage of your gross monthly income that goes toward debt payments, including your future mortgage. It's one of the primary factors lenders use to determine how much you can borrow. Lenders generally prefer a DTI at or below 36%, though many loan programs allow up to 43% or higher. The lower your DTI, the more confident a lender is that you can handle the payment, and often, the better your rate options.
What debts are counted in my DTI?
Lenders look at your recurring monthly debt obligations: things like car payments, student loans, credit card minimum payments, and any other installment loans. They do not count expenses like utilities, groceries, subscriptions, or insurance. Your estimated mortgage payment, including principal, interest, taxes, and insurance, is added to your existing debts to calculate your total DTI.
How does my down payment affect what I can afford?
In two ways. A larger down payment reduces the loan amount you need, which lowers your monthly payment and may open access to better rates. It also determines whether you'll need private mortgage insurance: putting down less than 20% on a conventional loan typically triggers PMI, which adds to your monthly cost. If your down payment is on the smaller side, that's not a dealbreaker. It just means the true monthly cost is a little higher than the principal and interest alone
Should I get pre-approved before I start shopping?
Yes, and sooner than most buyers think. Pre-approval tells you exactly what you qualify for, and it surfaces any credit or income issues early enough to address them. It also makes your offer competitive: sellers take pre-approved buyers more seriously, and you get a real number to shop within rather than a calculator estimate. The process is faster than most people expect, and there's no obligation attached to getting one.
What if the estimate feels lower than I expected?
It might mean your DTI is higher than lenders prefer, your income is structured in a way the calculator can't fully capture (freelance, commission, or self-employment income, for example), or the home price range you're targeting requires a larger down payment than you currently have. None of those are permanent walls. A Thompson Kane loan officer can look at your full picture and help identify what, if anything, would move the number in the right direction.
Frequently asked questions
Frequently asked questions
How accurate is this affordability estimate?
It's a reliable starting point, but the number you see is shaped by the inputs you've provided, and your actual buying power will depend on factors a calculator can't fully account for: your complete debt picture, credit score, employment history, and the specific loan program you qualify for. Treat it as a planning range, not a ceiling. A Thompson Kane loan officer can give you a much sharper number in a short conversation.
What's the difference between what I can afford and what I qualify for?
These two numbers are often different, and confusing them is one of the most common mistakes first-time buyers make. What you qualify for is determined by your lender. It's the maximum loan amount a lender is willing to extend based on your financials. What you can afford is a personal question that factors in your lifestyle, savings goals, job stability, and how much house payment you actually want to carry month to month. Qualifying for a $500,000 loan doesn't mean a $500,000 home fits your life.
What is DTI and why does it matter so much?
DTI, or debt-to-income ratio, is the percentage of your gross monthly income that goes toward debt payments, including your future mortgage. It's one of the primary factors lenders use to determine how much you can borrow. Lenders generally prefer a DTI at or below 36%, though many loan programs allow up to 43% or higher. The lower your DTI, the more confident a lender is that you can handle the payment, and often, the better your rate options.
What debts are counted in my DTI?
Lenders look at your recurring monthly debt obligations: things like car payments, student loans, credit card minimum payments, and any other installment loans. They do not count expenses like utilities, groceries, subscriptions, or insurance. Your estimated mortgage payment, including principal, interest, taxes, and insurance, is added to your existing debts to calculate your total DTI.
How does my down payment affect what I can afford?
In two ways. A larger down payment reduces the loan amount you need, which lowers your monthly payment and may open access to better rates. It also determines whether you'll need private mortgage insurance: putting down less than 20% on a conventional loan typically triggers PMI, which adds to your monthly cost. If your down payment is on the smaller side, that's not a dealbreaker. It just means the true monthly cost is a little higher than the principal and interest alone.
Should I get pre-approved before I start shopping?
Yes, and sooner than most buyers think. Pre-approval tells you exactly what you qualify for, and it surfaces any credit or income issues early enough to address them. It also makes your offer competitive: sellers take pre-approved buyers more seriously, and you get a real number to shop within rather than a calculator estimate. The process is faster than most people expect, and there's no obligation attached to getting one.
What if the estimate feels lower than I expected?
It might mean your DTI is higher than lenders prefer, your income is structured in a way the calculator can't fully capture (freelance, commission, or self-employment income, for example), or the home price range you're targeting requires a larger down payment than you currently have. None of those are permanent walls. A Thompson Kane loan officer can look at your full picture and help identify what, if anything, would move the number in the right direction.
Ready to start your journey to home ownership?
©2026 Thompson Kane & Co., Inc. | NMLS# 898428
8040 Excelsior Dr, Suite 100, Madison, WI 53717
Ready to start your journey to home ownership?
©2026 Thompson Kane & Co., Inc. • NMLS# 898428
8040 EXCELSIOR DR, Suite 100, Madison, WI 53717
Ready to start your journey to home ownership?
©2026 Thompson Kane & Co., Inc
NMLS# 898428
8040 Excelsior Dr, Suite 100
Madison, WI 53717
