Budget calculator
Try our free budget calculator.
Income
Expenses
Summary
Total Income: $0.00
Total Expenses: $0.00
Balance: $0.00
How does a budget calculator help me?
A budget calculator can be a crucial tool when you're buying a home or refinancing because it helps you understand how much house you can truly afford and how different financial factors affect your monthly payments and overall financial health. Here's how it helps:
Evaluates Affordability
It factors in your income, debts, down payment, and other costs (like taxes and insurance) to show how much you can safely borrow.
Helps prevent overextending your finances, which can lead to foreclosure or financial stress.
Compares Loan Scenarios
You can input different interest rates, loan terms (15 vs. 30 years), or refinancing options to see how your monthly payments and total interest paid change.
Accounts for Hidden Costs
Many calculators include property taxes, homeowners insurance, HOA fees, and maintenance, giving you a more realistic monthly budget.
Refinancing Impact
For refinancing, it shows how much you’ll save monthly and over time, and how long it will take to break even after paying closing costs.
Supports Long-Term Planning
Helps you align your housing choices with broader financial goals, like saving for retirement or your children’s education.