Ian's House Calculator

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2	Welcome to https://ianl.link/housecalc This is a house affordability calculator to determine the actual cost and impact of buying and paying for a house. Savings are important — we wanted to make sure we had enough personal runway in case one of us were fired or laid off. It's been reviewed by a financial advisor, and it was very accurate for our situation. All values are in thousands (k) unless otherwise specified. Hover over cells with the yellow triangle (comments) to read the explanations. My personal real numbers have been changed, of course.
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4	Input 👇
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6	Affordability variables				1st mortgage variables				Savings targets after purchase
7		Loan approval	500		Closing costs		2.0%		Non-emrgcy savings target		15
8		Yearly income	150		Term (yrs)		30		Emergency savings		25
9		Utilities (elec, gas, etc.)/mo	0.200		Interest rate		3.000%
10		Child care per month	0.000		Insurance / yr		1.200		Output table configuration
11		Other yearly expenses	50						Minimum home price		500
12		HOA fees/mo	0.100		2nd mortgage variables				Home price increment		50
13		Property tax rate	1.000%		Interest Rate		5.000%
14		Effective tax rate (state+fed)	28%
15					Down payment variables
16					Down payment		20%
17					Funds available		120
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19	Output 👇
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21	Mortgage Scenarios
22		Home price	500	550	600	650	700	750	800	850	900	950	1000
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24		Affordable with 80/10/10?	TRUE	TRUE	TRUE	TRUE	TRUE	TRUE	TRUE	TRUE	TRUE	TRUE	TRUE
25		20% of home cost	100	110	120	130	140	150	160	170	180	190	200
26		2nd mortgage needed?	FALSE	FALSE	FALSE	TRUE	TRUE	TRUE	TRUE	TRUE	TRUE	TRUE	TRUE
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28		Down payment percent	20%	20%	20%	10%	10%	10%	10%	10%	10%	10%	10%
29		Down payment	100	110	120	65	70	75	80	85	90	95	100
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31		1st loan amount	400	440	480	520	560	600	640	680	720	760	800
32		1st loan type	conforming	conforming	conforming	conforming	conforming	conforming	conforming	conforming	conforming	conforming	conforming
33		1st loan monthly payment	1.686	1.855	2.024	2.192	2.361	2.530	2.698	2.867	3.036	3.204	3.373
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35		2nd loan amount	0	0	0	65	70	75	80	85	90	95	100
36		2nd loan monthly (interest)	0.000	0.000	0.000	0.271	0.292	0.313	0.333	0.354	0.375	0.396	0.417
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38		Property tax	0.417	0.458	0.500	0.542	0.583	0.625	0.667	0.708	0.750	0.792	0.833
39		Insurance	0.100	0.100	0.100	0.100	0.100	0.100	0.100	0.100	0.100	0.100	0.100
40		HOA fees	0.100	0.100	0.100	0.100	0.100	0.100	0.100	0.100	0.100	0.100	0.100
41		Total monthly pmt (PITI)	2.303	2.513	2.724	3.205	3.436	3.667	3.898	4.129	4.361	4.592	4.823
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43		Interest pmt (at start)	1.000	1.100	1.200	1.571	1.692	1.813	1.933	2.054	2.175	2.296	2.417
44		Max interest write-off	1.000	1.100	1.200	1.300	1.400	1.500	1.600	1.700	1.800	1.875	1.875
45		Total tax write-off	1.417	1.558	1.700	1.842	1.983	2.125	2.267	2.408	2.550	2.667	2.708
46		Effective savings	0.397	0.436	0.476	0.516	0.555	0.595	0.635	0.674	0.714	0.747	0.758
47		Effective PITI	1.906	2.077	2.248	2.689	2.881	3.072	3.264	3.455	3.647	3.845	4.064
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49		Home price again	500	550	600	650	700	750	800	850	900	950	1000
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51		Est. closing costs	10	11	12	13	14	15	16	17	18	19	20
52		Est. savings remaining	10	-1	-12	42	36	30	24	18	12	6	0
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54		Gross monthly income	12.500	12.500	12.500	12.500	12.500	12.500	12.500	12.500	12.500	12.500	12.500
55		Debt-To-Income ratio (FE)	18%	20%	22%	26%	27%	29%	31%	33%	35%	37%	39%
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57		Total monthly debts	6.670	6.880	7.090	7.572	7.803	8.034	8.265	8.496	8.727	8.958	9.189
58		Gross income req	9.264	9.556	9.848	10.516	10.837	11.158	11.479	11.800	12.121	12.442	12.763
59		Yearly gross income req	111	115	118	126	130	134	138	142	145	149	153
60		Monthly savings	2.330	2.120	1.910	1.428	1.197	0.966	0.735	0.504	0.273	0.042	-0.189
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62		Max months w/o salary	1	-1	-2	3	3	2	2	1	0	0	0
63		... + emergency fund	3	2	1	6	5	4	4	3	3	2	1
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65	☝️☝️ The home price that's in the green above is optimal, green/yellow is affordable ☝️☝️
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