Determining how much you can afford is a critical step in buying a house. Sitting down with a financial professional or lender should give you a clear idea. However, there are a number of tools and calculators to help you get an initial idea of the right mortgage payment for you.

 

Ginnie Mae has a calculator that estimates the financial advantages of buying vs. renting.

 

Freddie Mac has several calculators on their website, including rent vs. buy, financial differences between renting and homeownership, potential tax savings with homeownership, how much house works within your budget.

 

The National Association of Realtors has a calculator that includes loan amortization and an example of how much principal and interest are paid off during the life of the loan.

 

Mortgage101.com has a home purchase calculator and a refinance calculator as well as others.