How Much House Can I Afford?
Calculate your maximum home purchase price based on income, debts, down payment, and current Bergen County mortgage rates.
Your Financial Information
Your Results
Maximum Home Price
$520,000
Based on 43% debt-to-income ratio
Estimated Monthly Payment
$3,450
Includes P&I, taxes, insurance, PMI
Loan Amount
$470,000
DTI Ratio
43%
💡 Improve Your Buying Power
- • Increase income (side job, raise, co-borrower)
- • Pay down debts before applying
- • Save larger down payment (reduces PMI)
- • Improve credit score for better rates
- • Consider FHA loan (3.5% down) or VA loan (0% down for veterans)
Understanding Affordability
28/36 Rule
Housing costs should be ≤28% of gross income. Total debts should be ≤36% of gross income. Conservative guideline used by many lenders.
Debt-to-Income Ratio
Most lenders allow up to 43% DTI for conventional loans, 50% for FHA. VA loans can go higher with compensating factors. Lower DTI = better rates.
Hidden Costs
Don't forget: property taxes (2.2% in Bergen County), homeowners insurance ($1,500/year), PMI if <20% down, HOA fees, maintenance (1% home value/year).
Get Pre-Approved for Your Dream Home
Know your budget? Get pre-approved by CMG Home Loans and start your Bergen County home search with confidence.
Schedule Free ConsultationNMLS #1577754 • Licensed Mortgage Broker