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Rent Payment Mortgage Calculator
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Rent Payment Mortgage Affordability Calculator

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Have you ever wondered what size mortgage you can afford based on your monthly rent payment? Our Rent Payment Mortgage Affordability Calculator enables you to determine the home loan you could afford if your monthly rent payment was your mortgage payment.  It can be helpful to understand what your monthly rent payment equates to in terms of a mortgage amount, especially if you are considering buying a home.
The calculator takes into account your monthly debt payments such as for credit cards, car and student loans, as well as current interest rates, to show you the 30 year fixed rate and 15 year fixed rate mortgage you can afford based on your rent expense.  Your monthly debt expense is also an important input because the higher your debt, the lower the mortgage amount you can afford.  Interest rates rates are another significant factor as lower rates mean you qualify for a larger mortgage which also means your monthly rent payment goes further if you bought a home.  
As demonstrated by the calculator, the loan amount you can afford with a 30 year mortgage is more than for a 15 year mortgage because the monthly payment is lower.  Our Rent Payment Mortgage Affordability Calculator determines the monthly gross income required to afford both of these loans, which you can compare to your current income.  Because mortgage and rent qualification requirements are different you made need to make more money to qualify for a mortgage even though the payment is the same as your monthly rent.  Please note that multiple factors such as your down payment, credit score, debt-to-income ratio and lender guidelines determine your ability to qualify for a mortgage.  This calculator is especially helpful for people who are paying a high monthly rent as they may not be aware of the home loan they can afford with minimal change in their monthly housing expense.  We also offer a version of this calculator that does not require personal information.

When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
Estimated Mortgage Amount for Which You Qualify
Please note that the figures above show the estimated mortgage amount you qualify for based solely on your monthly rent payment. The figures do not take into account housing related expenses such as property tax and homeowners insurance or other potentially applicable expenses such as homeowners association (HOA) fees, private mortgage insurance (PMI) or FHA mortgage insurance premium (MIP)
You should always consider total monthly housing expense, and not just your monthly mortgage payment, when determining what size mortgage you can afford
Multiple factors including your income, monthly debt and credit score will determine what size mortgage you qualify for
Rate Details*
Loan Program:  
Monthly Payment:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
Current Mortgage Rates as of December 13, 2018
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

Key Buy Versus Rent Considerations


Total Monthly Housing Expense When You Own a Home

In addition to making a monthly mortgage payment homeowners are responsible for paying property taxes, homeowners insurance and other potentially applicable housing-related expenses such as mortgage insurance and homeowners association (HOA) dues.  Additionally, homeowners are also responsible for ongoing property upkeep, maintenance and repairs.  You should consider all the costs that go into total monthly housing expense, and not just compare a mortgage payment to your rent payment, when evaluating if you should rent or buy a home.


Fixed Monthly Mortgage Payments

One of the main benefits of owning a home is that your monthly mortgage payment is fixed for up to thirty years, if you select a fixed rate mortgage.  By comparison, your rent payment is subject to increase annually.  In the long run, having a fixed mortgage payment offers significant financial benefits and certainty as compared to a monthly rent payment which is subject to increase every year.  Our Rent Payment Mortgage Affordability Calculator shows how your monthly rent payment converts into a fixed rate mortgage.


Share in Property Appreciation and Depreciation

Another factor to consider when owning a home is that you share in any change in property value.  If your property value increases you share in the appreciation and on the other hand, if your property value decreases you also share in the depreciation.  Home ownership provides upside in the event your property value goes up but also risk in the event your property value goes down.  If your property value declines you could lose part or all of the down payment you made to buy the home.  Renters are not impacted by a change in the value of the property they rent. 


Financial Obligation

Getting a mortgage and buying a home are significant long-term financial obligations as compared to the flexibility afforded by renting.  Mortgages are typically fifteen-to-thirty years in length and borrowers are responsible for major repairs or renovations required to maintain the property.  By comparison, most leases are usually one year in length and renters are not responsible for property repairs.  Prospective home buyers must be comfortable with the increased financial responsibility and commitment that comes with owning a home.  The advantage of buying a home is that you pay off your mortgage over time which can provide a significant financial boost.  Not having a mortgage or a monthly payment reduces your financial obligation over the long run.


Mortgage Qualification Requirements

The process to qualify for a mortgage tends to be more rigorous than qualifying to rent a property.  Lenders review multiple mortgage qualification requirements including your credit score, debt-to-income ratio and employment history.  In many cases, you may be permitted to spend more on your monthly rent than a lender would permit you to spend on your mortgage payment and other housing expenses including property tax, homeowners insurance and homeowners association (HOA) dues, if applicable, which limits what size mortgage you qualify for.  Our Rent Payment Mortgage Affordability Calculator determines how much money you need to make to qualify for the mortgage you could afford based on your rent, which may be higher than your actual income.  


Eliminate Possibility of Being Evicted

Renting exposes you to the risk that you may lose your lease and be evicted in the future. This risk is magnified for senior citizens who may be on a fixed income and unable to afford higher rents elsewhere.  As property values and rents increase over time the risk of eviction increases, especially if you have been a tenant for a long period of time.  The landlord may want to turn over the unit and lease it to someone else at a higher monthly rent.  While most communities have laws and regulations that cover evictions this is an important consideration that supports buying a home over renting. 

More FREEandCLEAR Mortgage Resources

Mortgage Guides

Pros and Cons of Renting Versus Buying a Home

Review the pros and cons of renting versus buying a home to understand what option makes the most sense for you


Financial Comparison of Renting Versus Buying

Understand the financial trade-offs between renting and buying a home over the long term when you factor in all the expenses that go into owning a home including property tax and insurance

Mortgage Calculators

Buy Versus Rent Comparison Calculator

Use our Buy Versus Rent Comparison Calculator to compare buying a home to renting a home include monthly payment, total monthly housing expense and return on invesment


Mortgage Rates

Compare mortgage rates and fees from top lenders near you.  Comparing rates and fees for multiple lenders is the best way to save money on your mortgage


Rent or Buy?: http://myhome.freddiemac.com/buy/rent-vs-buy.html

About the calculator developer

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

Harry Jensen LinkedInLinkedIn | Email Harry JensenEmail

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