If you’re thinking about buying a home and are wondering if you can afford it, it’s important to consider all the expenses that make up a monthly house payment, not just the mortgage. Sure, the price tag may look right, but what about when you add in property taxes, or monthly HOA dues? Those additional expenses can add up, and could push a home right over budget.
Redfin’s home payment calculator can be found on every home listing, underneath the map of the home’s location. It allows homebuyers to see a realistic estimate of what they would actually pay on a particular home, taking into account all the factors that affect a monthly payment like the principal and interest on the loan, property taxes, HOA dues (if applicable), homeowners insurance and, of course, the down payment.
A 20 percent down payment and 30-year fixed loan are assumed, but you can easily change them by clicking on “Custom Calculations.” In addition, if you’ve already been pre-approved at a specific interest rate, you can change it to see how it affects the monthly payments. Can’t afford a 20 percent down payment? Simply choose the percentage that you can afford and see how that affects the monthly house payment.
Get pre-approved and secure your dream home
This tool—plus the help of an experienced real estate agent—will help you find the perfect home that fits your budget. Find out how much home you can afford using our home affordability calculator and check out all the other great technology that Redfin has to offer.
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