Wondering How Much Mortgage You Can Afford? Here’s How to Calculate It

Many people are aware of the financial commitment that is involved when investing in a home, but what that amounts to is different for every person. From what you can afford to what a lender will allow, there are plenty of details involved in determining the right home for you. If you’re not quite sure what the right price is, here’s how to approach home ownership and determine your debt-to-income.

Utilize the Calculators on My Website

Visit my website at www.JPCookAZRealEstate.com.  Click on ‘Buyers’ then utilize the Affordability Calculator, which will tell you how much house you can afford with your current income and expenses.  You can also utilize the Mortgage Calculator to determine how much your monthly house payment will be.

Do it Yourself:  Calculating Your Debt-To-Income Ratio

You may not know what your DTI ratio is, but it has a lot to with how much home you can afford. In order to calculate this amount, add together all the debts you owe each month and divide them by your monthly pre-tax income. For example, if your credit card is $150 and your rent is $900, your debt amount would be $1050. Divide this amount by your income, say $2500, to get 0.42. This means your DTI ratio is 0.42 or 42%.

What Your DTI Means

While a DTI in the high 20s or low 30s is good, anything that hovers above 43 percent may serve as a red flag to the lender. The lower your DTI ratio is, the more likely it is that a lender will approve your mortgage application since you’ll have the disposable income to deal with financial hurdles. If your dream home has you hovering close to this amount, it may be a sign that it’s a bit out of reach.

How Do You Want To Live?

It’s quite common to be taken over when you find your dream home and decide to commit. However, buying a home is a huge financial commitment, and if you’re buying more than you can afford it may drain your well-being over time. Instead of diving in, determine other expenses that are likely to come up in the next few years, whether it’s travel, a child or a new car. It’s important to have the home you want and budget when buying it, but you’ll still need to financial wiggle room in case something comes up.

There are a lot of factors involved in determining how much house you can afford, but by calculating your DTI ratio and being aware of your spending plans, you’ll be well on your way to an ideal price range.  Give me a call for more information – J.P. Cook – 602-320-4253.

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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

32204 N Sonny Jim Road San Tan Valley, AZ 85140

$499,990

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6679026

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley. Adorable 2-story home with 4 bedrooms, 3.5 bathrooms, large den and a loft, with a 3 car tandem car garage. Ashton Woods offers a spacious owner's suite, stainless steel appliances, granite kitchen countertops and classic white shaker style cabinets makes this a place to call home. Conveniently located off of Combs Rd and Schnepf Rd. As with all of our homes, this one is also constructed as ''Energy Star'' for remarkable comfort, energy efficiency and environmental sustainability!

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9819 W Butler Drive Peoria, AZ 85345

$499,990

4 Beds

2 Baths

2,166 SqFt

Status Active

MLS # 6663786

Property Type Single Family Residence

Price Type --

Your dream home is finally here! Be the proud owner of this charming single-level property nestled in the North Ranch Community. Prepare to be impressed by a perfectly flowing layout. The impeccable kitchen boasts wood cabinetry, brand new stainless steel appliances, a convenient pantry, granite counters, & a center island complete with a breakfast bar. Primary bedroom enjoys soft carpet in all the right places, a private bathroom with dual sinks, & a large walk-in closet. Spend relaxing afternoons in the lovely backyard featuring a covered patio & ample space to hang out! What's not to like? A deal like this won't last!!

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17332 W Corrine Drive Surprise, AZ 85388

$499,990

4 Beds

3 Baths

2,280 SqFt

Status Active

MLS # 6687543

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING CLOSING COST AND RATE BUYDOWN SPECIALS. This home is on a very deep lot! It is 4 bedrooms, 3 baths plus a loft and a 2-car garage on a large lot. The guest suite is located on the bottom floor and 3 bedrooms plus a loft on the second floor. This home has a beautiful kitchen with an island, Staggered upgraded cabinets, Upper-level Quartz countertops and stainless-steel appliances. The kitchen opens up perfectly to the great room and the covered patio. Master suite has a large bedroom, tiled master shower, large walk in closet and double sinks. All interior doors are 8'!

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3610 E Peralta Canyon Lane San Tan Valley, AZ 85140

$499,990

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6688521

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6688521 Ready Now! Model home sale! The Edmonton at the new Combs Ranch Discovery community is a thoughtfully designed single story home offering 4 bedrooms, spacious owner's suite, and outdoor living space. Just off the foyer is the dining room that opens to the beautifully upgraded kitchen. There is plenty room to entertain or relax in the gathering room that overlooks the outdoor living. Design upgrades include: paver front porch, fully landscaped backyard, custom built in, curtains, GE top load white washer and dryer, Ge profile refrigerator, insulated garage, soft water loop and outdoor gas stub. Design upgrades include: paver front porch, fully landscaped backyard, custom built in, curtains, GE top load white washer and dryer, Ge profile refrigerator, insulated garage, soft water loop and outdoor gas stub.

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17346 W Columbine Drive Surprise, AZ 85388

New

$499,990

4 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6692751

Property Type Single Family Residence

Price Type --

It's the Castellano with 4 bedrooms + flex area to use a den, formal dining or as you wish, 3 car tandem garage. 12x8 sliding glass door that leads out to the covered patio and is perfect for entertaining. Gas range for the cook in the family. D uraform ''Linen-off white'' cabinets throughout the home and a pull out trash drawer with two bins. Silver Falls granite in the kitchen and on the enhanced kitchen island. EMS Casino Ice Glossy 4x16 tiles at the kitchen backsplash. Stainless steel undermount single bowl sink. Additional ceiling fan prewires, recessed can lights and prewire for pendant lights. Upgrade flooring includes EMS Cabo II 18x18 tile. Garage service door for easy access into the backyard, 8' tall garage door and opener with two remotes. Estimated completion summer.

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2919 W Woodridge Drive Phoenix, AZ 85053

$499,990

3 Beds

2 Baths

1,670 SqFt

Status Active

MLS # 6681134

Property Type Single Family Residence

Price Type --

Mom, I'm Bored! Said no kid ever, in this one of a kind spectacular backyard 🙂 This incredible home sits on a sprawling quarter-acre of joy and endless outdoor entertainment. Inside, the heart of this home beats with a bright, open living space, adorned with quartz countertops and shining stainless steel appliances in the well appointed chef's kitchen. Stunning flooring throughout, and crystal-clear new Anderson windows, framing views of your private outdoor resort. Outside, life is an endless summer! With your very own refreshing blue pool, a poolside bar for sunset cocktails, a waterfall pond for serene moments, and an 8-hole mini-golf course that blends seamlessly into the beautiful landscape for spontaneous family fun! The magic continues with ... beautifully lit, well established plants, an oversized covered patio for al fresco dining, and ample space all of your toys! Extra storage sheds for all your gear, and no HOA here. Nestled in a convenient location with quick access to freeways, shopping, dining, and schools, this home is not just a place to live, it's a lifestyle upgrade! And with a maintenance-free front yard, you have more time to enjoy your very own vegetable garden and all the outdoor pleasures waiting right at your doorstep. Ready for fun in the sun and endless enjoyment at home? Dive into your new life today, because this slice of paradise won't wait forever!

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41030 W Agave Road Maricopa, AZ 85138

$499,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6632214

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN.. It's the very popular Belice with 3 bedrooms, + flex space to use as you wish, 2 baths and a 3 car tandem garage. Large walk in shower at owner's bath with 4x16 Ice gloss in shower surrounds. 12x8 sliding glass door off the great room that leads out to your extended covered patio. Stainless steel gas range. Benton Birch ''Sarsaprarilla stain'' cabinets throughout the home with 42'' kitchen uppers. Himalaya white granite countertops in kitchen and on the extended kitchen island. EMS Casino Ice Matt 4x16 backsplash in kitchen. Upgrade flooring includes 12x24 Astra tile in all areas of the home except bedrooms/closets which has a level 9 carpet. Dual sinks in bath 2. Gas stub for future BBQ, soft water loop, interior two-tone paint in ''Agreeable Gray''.

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158 W Winterberry Avenue San Tan Valley, AZ 85140

$499,990

3 Beds

2 Baths

2,199 SqFt

Status Active

MLS # 6643292

Property Type Single Family Residence

Price Type --

NEW GRASS in BACKYARD Queen Creek-San Tan Border! This meticulously maintained beauty features a lush grass backyard, perfect for outdoor enjoyment. 3 bedrooms plus a convertible den, upgraded granite countertops, and modern amenities like 8' doors throughout, 3cm thick granite countertops, upgraded cabinetry, kitchen island, dual primary bath sinks, a separate shower and bathtub, 3 zone A/C, a 3-car tandem garage w/upgraded 4Ft Extension, OWNED solar panels and an EV Charging Station, side Gate, Pavers and more. Community perks include parks, playgrounds, and a pool. Don't miss out! Full-price offer includes security cameras, video doorbell, refrigerator, washer, dryer, Tesla charging station, and projector. projection wall coated with projection screen paint ready for family entertainment, just plug in your devices. Reverse osmosis system to kitchen faucet and refrigerator, water softener. The community provides access to children's playgrounds, basketball courts, volleyball courts, greenbelt with Disc Golf, Aquatic Center, and many more amenities. The location is just minutes from grocery stores, restaurants, coffee shops, Queen Creek Marketplace, Queen Creek Olive Mill, Legacy Sports Arena, and Schnepf Farms.

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17844 W Sapium Way Goodyear, AZ 85338

$499,990

4 Beds

3 Baths

2,303 SqFt

Status Active

MLS # 6656866

Property Type Single Family Residence

Price Type --

**5k SELLER CONCESSIONS** ALL NEWER APPLIANCES INCLUDED! Absolutely beautiful less than 2 year old home! Inviting hallway leads to the captivating open floor design boasting fresh paint, tall ceilings, wood-look tile flooring, and sliding glass doors to the backyard w/Gas BBQ stub. Spotless kitchen provides SS appliances, recessed & pendant lighting, quartz counters, subway tile backsplash, a HUGE walk-in pantry, and a large island with a breakfast bar. The carpeted main retreat has a full bathroom with dual sinks and a walk-in closet,where extra insulation ensures year-round comfort and supreme soundproofing offers undisturbed peace. It's more than just a bedroom; it's a cozy haven designed for ultimate relaxation and privacy. Secondary bedrooms enjoy a Jack & Jill bathroom. This is a stunning home located in a TOP RATED Estrella Mountain Ranch master planned community! This one level home features countless upgrades: Ceiling fans in all rooms, Blinds, screens on windows, Top of line Water softener, full Landscaping, Pendant lights, Fridge, Washer and dryer, living room tv mount and so much more. This home is considered a ''Smart Home'' - Garage, front door lock, security, thermostat, interior, and exterior lighting, are all automated. Smart Home compatible with Google, Alexa, and Apple. Kitchen features oversized island, quartz counters, and upgraded cabinetry. CAT 6 wired throughout. 240 AV installed in garage for your smart car. Home includes all appliances!! The open-concept layout and multiple windows allow natural light for bright and relaxing atmosphere. The backyard with low maintenance landscaping adds a touch of relaxation. Estrella community offers 2 exclusive clubhouses, welcome center, marina club, golf course, waterslides, 3 community pools, cooking classes, fitness, ballrooms & more! This home is a MUST SEE community with tons memories to start creating!!!

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9920 E Tamery Avenue Mesa, AZ 85212

$499,990

3 Beds

2.5 Baths

1,965 SqFt

Status Active

MLS # 6668527

Property Type Single Family Residence

Price Type --

Ready for you to move in! This beauty has all the upgrades you could want. Bright and Beautiful neutral colors throughout. Kitchen highly upgraded, with quartz, white 42'' cabinets and gas stove! Home also includes electrical upgrades and soft water loop! Awesome loft area perfect for office, workout room, play area...whatever you want! Second bedroom upstairs has a nice walk in closet. Come see today!

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9918 E Tamery Avenue Mesa, AZ 85212

$499,990

3 Beds

2.5 Baths

1,965 SqFt

Status Active

MLS # 6671137

Property Type Single Family Residence

Price Type --

AVAILABLE IMMEDIATELY! Discover the charm of this newly constructed 3-bedroom, 2.5-bathroom plus loft single-family home in the most desirable neighborhood around! Step into a world of contemporary living featuring stainless steel kitchen appliances, elegant quartz countertops, and white cabinetry among other designer touches. Benefit from the practicality of a laundry room on the second floor and the spaciousness of a 2-car split garage. Eastmark offers exceptional amenities, including parks, a serene sparkling pool, clubhouse, the unique orange monster play area, a skatepark, a splash pad, and fields for baseball, softball, and soccer. Convenient connectivity to major highways and shopping. Embark on your new lifestyle adventure today - immediate move-in available.

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11135 W Levi Drive Tolleson, AZ 85353

$499,990

4 Beds

3 Baths

2,375 SqFt

Status Active

MLS # 6678125

Property Type Single Family Residence

Price Type --

MULTI-GEN HOME!!! This single-story home has such a smart layout that is perfect for families who like their personal space. Two bedrooms located at the front of the home, kitchen and dining area, versatile open livingroom, while the owner's suite is in the back for added privacy. The ensuite features its own kitchen, washer/dryer hookup, living room, bedroom, bathroom, and separate entrance. Built in 2022! Front and back landscaping. Custom paint that is out of this world! Beautiful Quartz countertops, stainless steel appliances, and gas stove! 220 V outlet in the garage! RO system and water softner. Enjoy the covered back patio while admiring the mountain views. Stone veneer and paver driveway out front, at 2375 sq ft., this could make an amazing investment/income property!

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