Affordability Calculator

How to Use the Calculator

Once it’s on your site, your visitors (or you) can use it like this:

1. Income – Enter your income amount.
   • If you put in your yearly income (e.g. JMD 3,000,000), leave the dropdown on Annual.
   • If you want to enter monthly income, switch the dropdown to Monthly.
2. Monthly Debts – Enter all recurring monthly debt payments (car loans, student loans, credit cards, etc.).
3. Down Payment – Enter how much money you plan to put down upfront.
4. Interest Rate (%) – Enter the expected mortgage rate (e.g. 8%).
5. Loan Term (Years) – Select the mortgage length (10, 15, 20, 25, or 30 years).
6. Other Monthly Housing Costs – Enter estimates for taxes, insurance, HOA fees, or maintenance.
7. DTI Front-End % / Back-End %
   • Defaults to 28% / 36% (the standard “28/36 rule” most lenders use).
   • You can adjust if your lender allows different limits.
8. Click Copy Results if you want to copy all the numbers to your clipboard.

What the Results Mean

• Estimated Affordable Price – The total home price you might afford.
• Max Housing Budget – The lender’s limit for your monthly housing costs based on your income & debts.
• Available for Mortgage (PI) – How much of that budget remains for the mortgage payment after subtracting taxes/insurance/etc.
• Max Loan Principal – The loan size you might qualify for.
• + Down Payment – Your own contribution added to the loan = home price.
• Note – Tells you if you were limited by front-end DTI, back-end DTI, or adjusted for housing costs.

Important – This tool is only an estimate. Real affordability depends on your bank, credit score, closing costs, property taxes, and many other factors.