All calculators are downloadable Excel spreadsheets that allow you to save and amend your own personal data.With this spreadsheet, enter your personal data in the purple coloured cells.

How much house can I afford calculator

This calculator is for those who are looking at buying a house and wondering what is the most they could pay for a house.

You just need to enter what is the most you could possibly pay in rent per year and still be OK financially. If you already own a home and are looking to upsize, then in cell C11, just enter the highest amount per year you could possibly spend on a mortgage. You will also need to enter some estimates around expected costs of the new house, and some mortgage assumptions.

From there, you can see how much house you could likely afford, what your annual home ownership costs may be, and what percentage of your income those costs make up.

When buying a house, ideally you don’t want to buy at this maximum level you can afford. You’d want to leave a bit of wriggle room should things not pan out as expected. Having some extra money saved even after the downpayment is made will help. As will an emergency fund and adequate insurance. Job security is also an important consideration. Every situation is personal, and the the better your planning is and the more you have done to minimise risk, the more comfortable you may be buying close to your limit.

For personalised advice on deciding whether or not buying a property should be part of your financial plan, then get in touch for a no obligations chat to see how we may be able to add value for you.

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