BuildBuyRefi Mortgage Calculator: What Can I Afford?

Use BuildBuyRefi's advanced Mortgage Calculator to instantly calculate and verify your home loan payments. Get accurate estimates of your monthly payments, including Principal, Interest, Taxes, Insurance (PITI), Mortgage Insurance (MI), and explore various down payment scenarios for building, buying, refinancing, or renovating your home.

Group of People Surrounding BuildBuyRefi Mortgage Calculator

*Note: All payment and interest rate calculations are estimates. Actual figures may vary based on credit score, loan program, and other factors. This information is for educational purposes only and does not constitute a loan approval or guarantee of terms.

Introduction to Mortgage Calculations

Welcome to BuildBuyRefi—the first step toward homeownership and financial clarity. Whether you're aiming to build, buy, refinance, or renovate, understanding your mortgage numbers is crucial. Our Mortgage Calculator offers a comprehensive view of your potential mortgage payment broken down by variables you control.

Here's what you can explore:

  • Principal and Interest payments

  • Property Tax estimates

  • Homeowners Insurance costs

  • Private Mortgage Insurance (PMI) if applicable

  • Total monthly payment

Adjust parameters such as home price, down payment, interest rate, and loan term to see how they affect your monthly obligations and long-term costs.

Understanding How Much Mortgage You Can Afford

Affordability extends beyond the monthly mortgage payment. Lenders use the Debt-to-Income Ratio (DTI) to ensure you can manage your monthly payments effectively.

These figures can vary based on the lender and loan type, emphasizing the importance of understanding your finances and what you can comfortably afford.

Our calculator helps you determine a comfortable mortgage amount based on your financial situation:

  1. Debt-to-Income Ratio (DTI) Guidelines:

    • Aim for a mortgage payment ≤ 28% of your gross monthly income

    • Keep total monthly debts ≤ 36% of your gross monthly income

  2. Factors Affecting Affordability:

    • Income stability

    • Credit score

    • Existing debts

    • Down payment amount

  3. Long-term Affordability Considerations:

    • Future income changes

    • Potential life events

    • Savings goals

Use our calculator to find a monthly payment that aligns with these guidelines and your personal financial goals.

Group of people surround the keys to homeownership with BuildBuyRefi

Mortgage Interest Rate Factors and Impact

Understanding what influences your mortgage rate can help you secure better terms. Key factors include:

  1. Federal Reserve policies

  2. Overall economic conditions

  3. Your credit score

  4. Loan type and term

  5. Down payment amount

  6. Property location

Our calculator allows you to input different interest rates to see how they affect your monthly payments and total loan costs. This feature helps you prepare for various scenarios and make informed decisions about when to lock in your rate.

Hidden Costs of Homeownership Calculator

Beyond your mortgage payment, it's crucial to budget for additional homeownership costs. Our calculator helps you estimate these expenses:

  • Property taxes

  • Homeowners insurance

  • HOA fees (if applicable)

  • Maintenance and repairs (typically 1-3% of home value annually)

  • Utilities

Factor these costs into your affordability calculations to ensure a comprehensive understanding of your potential financial obligations.

Strategies for Improving Your Mortgage Terms

Securing favorable loan terms can save you thousands over the life of your mortgage. Implement these strategies to improve your chances of getting better terms:

  1. Boost Your Credit Score:

    • Pay bills on time

    • Reduce credit card balances

    • Avoid opening new credit accounts before applying

  2. Save for a Larger Down Payment:

    • Aim for 20% to avoid PMI

    • Explore down payment assistance programs

  3. Shop and Compare Lenders:

    • Get quotes from multiple lenders

    • Compare APRs, not just interest rates

  4. Consider Buying Points:

    • Weigh the upfront cost against long-term savings

    • Use our calculator to see the impact of different scenarios

  5. Improve Your Debt-to-Income Ratio:

    • Pay down existing debts

    • Increase your income through side hustles or career advancement

Comprehensive Loan Options Comparison

Understanding different loan types can help you choose the best option for your situation. Use our calculator to compare payments across various loan programs:

Loan Type Best For Down Payment Credit Score Key Features
Conventional Good credit, larger down payments 3-20% 620+ Flexible terms, potentially lower costs
FHA Lower credit scores, smaller down payments 3.5-10% 580+ Government-backed, more lenient requirements
VA Eligible veterans and service members 0% Varies No down payment required, competitive rates
USDA Rural homebuyers 0% 640+ recommended Zero down payment, lower mortgage insurance

Essential Mortgage Resources

Explore these valuable resources to enhance your home financing journey:

1. Mortgage Client Consumer Loan™: Unlock Additional Financing

Our exclusive Mortgage Client Consumer Loan™ offers qualified borrowers access to up to $50,000 in extra funds before, during, or after closing. This versatile loan can help you:

  • Consolidate higher-interest debt to qualify for a larger mortgage

  • Fund home improvements or renovations

  • Purchase a tiny home or backyard office retreat

  • Bridge the gap if your home doesn't appraise as high as expected

Learn how this unique financing option can expand your possibilities and streamline your home buying process.

Discover the Mortgage Client Consumer Loan™

2. County Loan Limits: Understand Your Local Market

Stay informed about the mortgage landscape in your area. Our up-to-date county loan limit information helps you:

  • Determine the maximum loan amount available in your region

  • Understand how local limits may affect your borrowing capacity

  • Plan your home purchase or refinance strategy more effectively

View Current County Loan Limits

3. Registered Home Builders Directory

Whether you're considering new construction, a home renovation, or adding a tiny home to your property, our network of registered home builders can help bring your vision to life. Our directory features:

  • Experienced builders specializing in various home styles and sizes

  • Professionals familiar with local building codes and regulations

  • Experts in new construction, renovations, and tiny home installations

Connect with trusted builders in your area to explore your options and start planning your dream home project.

Explore Our Registered Home Builders

Mortgage Calculator FAQ

  • By using the Build Buy Refi mortgage calculator, modify loan amounts, rate, terms, and down payment to determine a comfortable payment. Then, our bankers will factor your income, debts, and loan requirements to estimate true affordability.

  • Fixed-rate mortgages have the same interest rate and monthly payment for the life of the loan, while adjustable-rate mortgages can change based on market conditions.

  • Yes, refinancing can be a great option if interest rates drop in range to make an impactful savings and to improve your financial greater than your original loan. Usually ½% or more is the triggering point for considering a refinance. For government loans, start with a streamline refinance for the greatest savings with less requirements.

  • Our calculator provides highly accurate estimates based on current market data and your inputs. For precise figures tailored to your situation, consult with one of our mortgage experts.

  • Yes, if your down payment is less than 20%, the calculator will require your adjustment to include estimated Private Mortgage Insurance (PMI). One of our bankers can help you calculate PMI based on conventional, FHA, or USDA loan types.

  • Absolutely! Input your current loan details to see how refinancing could impact your payments and long-term savings. Leave out the purchase price and downpayment, start with your loan amount, estimated rate, and value, and go from there.

  • Generally, higher credit scores qualify for lower interest rates. Our calculator provides estimates, but for personalized rates based on your credit profile, contact our team or check your loan eligibility and rates on our Build Buy Refi eligibility page.

  • Extra payments towards your principal can significantly reduce your loan term and total interest paid. Use our calculator to see the impact of additional payments.

  • Property taxes and homeowners insurance are typically included in your monthly payment escrow, increasing your total monthly obligation. Our calculator factors these costs into the estimated payment, they also impact the overall DTI (debt-to-income) ratio impacting loan approval.

  • An amortization schedule details how each payment is applied to principal and interest over the loan term. Our calculator generates this schedule automatically with each calculation to help you understand how your loan balance decreases over time.

  • While our calculator offers valuable insights into potential payments, loan qualification depends on various factors including credit score, income, and debt levels. For a definitive answer, please contact our lending team for a personalized assessment.

  • Longer loan terms typically result in lower monthly payments but higher total interest paid over the life of the loan and can help improve debt to income ratios allowing to qualify for borrowing at a higher amount then shorter terms. Use our calculator to compare different term lengths and their impact on your finances.

Take the Next Step in Your Homeownership Journey

Now that you've used our Mortgage Calculator to gain insights into your home financing options, it's time to take action:

  1. Get Pre-Approved: Start your application to know exactly how much you qualify for.

  2. Speak with an Expert: Schedule a free consultation with our mortgage professionals to discuss your unique situation.

  3. Explore Home Options: Use your pre-approval to start searching for homes within your budget.

At BuildBuyRefi, we're committed to making your homeownership dreams a reality. Let's build your future together.

Call us today at (844) 999-0639 or start your online application to begin your journey home.

Image of 5-Star Review Rating for buildbuyrefi.com Image of customer headshots representing 3000+ recommendations for buildbuyrefi.com Image of Zillow FaceBook Google Trustpilot and Top Rated Reviews for buildbuyrefi.com
Best Manufactured Home Lender By Investopedia House Icon and Map Of US icon representing loans in 50 states. Better Business Bureau A+ rating logo and Top Mortgage Workplaces by Mortgage Professionals Association Best Overall Construction Lender and Best VA Construction Lender Icons as Rated by Investopedia
As Seen In
Top Rated Local 2019 and 202 Winner Icons for buildbuyrefi.com Featured in Icons for The Mortgage Reports Lifetime and Military Makeover with Montel Featured in Icons for Military.com Investopedia Rise Winner and BobVila.com Best Construction Loan Lender Runner up
 

THE FEDERAL SAVINGS BANK IS NOT AFFILIATED WITH OR ACTING ON BEHALF OF THE FHA, USDA, VA, OR THE FEDERAL GOVERNMENT.

*Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property.

*Messaging and Data Rates May Apply.

*VA eligibility is required for VA loan products. USDA loans are only available in USDA-eligible areas as designated by the USDA.

*We do not offer new dealer-manufactured home loans in New York, but we do offer modular and site-built land and home construction.

*Qualification for up to $50,000 extra is for qualified borrowers and can be applied to all loan programs. This is a separate unsecured consumer loan we will underwrite in-house at the same time as your requested mortgage loan. Please contact your banker to request this program and the applicable rates, terms, and conditions. Consumer unsecured lending programs prohibit loan proceeds from being used for down payment.

REALTOR® is a registered trademark of the National Association of Realtors and is not affiliated with NationwideHomeLoansGroup.com or The Federal Savings Bank.

†Subject to applicable law and lender approval, when represented by one of our participating real estate brokerage companies during the purchase or sale of a home or land, eligible Consumers may receive a rebate of up to thirty percent (30%) off of the fee to be received by the participating real estate brokerage company representing the respective Consumer, at closing, which rebate will be applied exclusively toward paying down that Consumer’s applicable closing costs. In no event shall any rebate be greater than the aggregate of all closing costs. Issuance of a rebate is subject to a participating real estate brokerage company’s receipt of its fee. The following states condition, or do not permit, the granting of a rebate by real estate brokerage companies (list is subject to change at any time): Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, New Jersey, Oklahoma, Oregon, and Tennessee. No remuneration is paid to The Federal Savings Bank or to any of our Bankers. This is a free program offered exclusively by us to help our consumers save on their real estate transactions.

©2018-2025 Build Buy Refi & BuildBuyRefi.com - Do not copy. All rights reserved.

Member FDIC. Equal Housing Lender NMLS# 411500 | A+ Better Business Bureau Rating