How housing affordability works

Home affordability is influenced by the monthly payment you can manage, your down payment, interest rate, loan term, property taxes, insurance and other debts.

Principal and interest

Mortgage principal and interest depend on the loan amount, interest rate and repayment term. A longer term generally lowers the required monthly principal-and-interest payment but can increase total interest paid.

Property taxes and insurance

Property taxes and homeowners insurance add to the monthly cost of owning a home. Actual amounts vary by property and location and should be verified for the home being considered.

Other costs

HOA fees, maintenance, utilities, closing costs and mortgage insurance may also affect the overall budget. The Roofi starter calculator does not include every possible expense.