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Mortgage Affordability Calculator
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Mortgage Affordability Calculator
Illustrative borrowing sketch from income and outgoings — not a lender Decision in Principle or advice.
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Mortgage Affordability Calculator — Income and Outgoings
Estimate how much mortgage you may afford from income and outgoings. Free affordability calculator from Calculator Direct — not lender advice.
Use this free online mortgage affordability calculator to estimate how much you might borrow for a home, and what property price that could support once you add your deposit. Enter income, monthly debts, deposit, and an assumed rate and term to get a rough borrowing range and a monthly payment sense-check.
Results are illustrative only. They are not a Decision in Principle, a mortgage offer, or advice from a lender or adviser. UK and other lenders run their own affordability assessments; they may lend more or less than any online estimate.
Common lender-style rules of thumb
Many markets still talk about borrowing in the region of about 4× to 4.5× gross annual income for a straightforward case. Treat any multiple as a starting sketch only.
Committed monthly debts reduce what looks affordable. Lenders also run their own affordability checks on your income and outgoings.
In the UK, responsible lending expectations mean lenders typically look at income verification, committed expenditure, and living costs — not income multiples alone.
How to use this calculator
- Enter your gross annual income (and a second income if buying jointly).
- Add monthly committed debts you already pay.
- Enter your deposit.
- Set an estimated interest rate and loan term for a rough monthly payment check.
- Review estimated maximum loan, maximum property price, and indicative monthly payment.
Worked example: £55,000 income, £5,000/year debts, £40,000 deposit
At a 4.5× income multiple, estimated max loan ≈ £247,500 before debt adjustments. Adding a £40,000 deposit suggests a rough max property price around £287,500 before fees and stamp duty.
An indicative monthly payment on that loan at 4.5% over 25 years is a sense-check only — lenders run their own affordability checks.
Frequently asked questions
Is this a mortgage offer?
No. This is an educational estimate only. A lender Decision in Principle or full underwrite can differ substantially.
What income multiple should I use?
Many rough calculators use about 4× to 4.5× combined gross income. Real offers depend on credit, deposit, debts, and product rules.
Should I include stamp duty in affordability?
Stamp duty is usually cash needed at completion, not part of the loan multiple. Use the stamp duty calculator alongside this tool when budgeting a UK purchase.