12 Tips for First Time Homebuyers › NJ REALTORS®
12 Tips for First Time Homebuyers · 1. Get a Sense of What You Can Afford · 2. Settle on What Your Down Payment Will Be · 3. Know Your Credit Score.
Affordability Calculator
Take the time to get a clear sense of how you save and spend your money. By calculating a debt-to-income ratio of your current monthly expenditures, and factoring in what you plan to spend for a down payment, you can gain a realistic view of what your monthly budget for a mortgage should be. Use NJ Realtors® <anchor>Affordability Calculator</anchor> to determine how much house you can afford to finance.
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# Affordability Calculator

Other Calculators: **[Bi-Weekly Mortgage Calculator](https://www.njrealtor.com/consumers/biweekly-mortgage-calculator/)** \| **[Mortgage Calculator](https://www.njrealtor.com/consumers/mortgage-calculator/)** \| **[Rate Comparison Calculator](https://www.njrealtor.com/consumers/rate-comparison-calculator/)** \| **[Realty Transfer Fee Calculator](https://www.njrealtor.com/consumers/realty-transfer-fee-calculator/)**

![Affordability Calculator: Monthly budget plan for housing expenses](data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%20300%20199%22%3E%3C/svg%3E)The affordability calculator will help you to determine how much house you can afford. The calculator tests your entries against mortgage industry standards to determine the highest-priced house you can qualify for, along with the down and monthly payments you would need to make in order to sustain homeownership.

Begin by clicking in the first entry field and following the instructions that appear in the Help box.

**Please note that this calculator requires that you place a minimum downpayment of 5% of the mortgage. It is wise to consider all your financial obligations when determining how much you can afford.**

Once you have a better idea of how much house you can afford, here are some helpful links for your next steps:

**[Advice for Buyers](https://www.njrealtor.com/consumers/buyers/) [\|](https://www.njrealtor.com/starthere/) [Advice for Sellers](https://www.njrealtor.com/consumers/sellers/) [\|](https://www.njrealtor.com/starthere/) [Find a Realtor®](https://www.njrealtor.com/find-a-realtor/) [\| Why to use a Realtor®](https://www.njrealtor.com/starthere/)** \|

Gross annual income ($):**Explain/Instruct** Monthly debt payments ($):

Down payment ($): Annual interest rate (%): Monthly insurance ($): Monthly property tax ($): Length of the mortgage:15 Years20 Years30 Years Net down payment:**Explain/Instruct** Loan amount:

Home price: Monthly payment:

Disclaimer: These calculators are for information purposes only. Consult a financial professional for further advice.

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