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Mortgage and Rent Calculator

The U.S. Department of Housing and Urban Development (HUD) recommends that you should pay no more than 30 percent of your annual income on housing. However, an estimated 12 million renters and homeowners now pay more than 50 percent of their annual incomes on housing.  How much are you spending?

 

Please enter your monthly gross income (income before taxes...numbers only):
$ 

You should not be paying more than
$ on your rent or mortgage each month.

 

Why does it matter?

According to HUD, spending more than 30 percent of your income on housing makes it more difficult to afford necessities such as food, transportation and health care. To live in a budget with higher housing costs, you will need to cut unnecessary expenses. 

Are you looking for affordable rental housing?

Now that you know your rent goals, find housing that you can afford. 

Already have housing?

If you already have housing and are paying more than 30 percent, learn how to track your expenses and stick to your budget.
 

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Posted by williyamberry on Feb. 16, 2012 4:21 am.
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Is this your average rent without utilities and electricity that you should be paying a month or are the electric and ultility bills included in this estimate? Thanks.
Posted by AandDubbleU on Aug. 12, 2011 12:03 pm.
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AandDubbleU, this is your average rent or mortgage payment only. Your utilities would be separate from this calculation.
Posted by Alexis Cala, Beehive Producer on Oct. 11, 2011 2:47 pm.
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Thank you. However, my rent is 700. although the calculator has me averaging 465.-My complex has Federal Funding so why is my rent calculated by my landlord so high
Posted by thamrs3 on Jun. 30, 2011 4:29 pm.
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Thanks a lot for sharing such detailed and informative post. I'm sure that this mortgage and rent calculator will help a lot of people to know the current property valuation and rent. I generally prefer to consult with my mortgage agent when it comes to take decision on mortgage related issues.

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Posted by emmaheyden on May. 23, 2011 9:38 pm.
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I would not recommend a mortgage attorney in this situation. I would recommend that you shop for a loan with 5 to 10 large banks, credit unions, and regional banks to make sure you are getting the best deal. Go for a 30 year or better yet a 15 year fixed rate loan with low closing costs. Compare each bank for rate and closing costs and make a decision on which one to use. To make sure the bank is not getting one over on you, do your due diligence and shop around. To make sure the finance paperwork is in order, just follow the banks instructions. They won't finalize the loan and release funds until all is in order... trust me.garage door repair
Posted by max456 on Mar. 10, 2011 2:14 am.
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30 percent seems a lot of your monthly income for rent , but still there are many that pay much more even half for a place to live ,especially for apartments in NY City which are very expensive , so use a rent calculator to maybe modify these expenses.

Posted by doctore on Mar. 22, 2011 11:28 am.
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i have a loan and i am interested in Mortgage refinance online because i heard there is some advantages in online pay and it save me from bureaucracy.
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Posted by williyamberry on Feb. 16, 2012 4:32 am.
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We're spending approximately 19.25% of our annual income towards our mortgage.
Posted by Allycat25 on Aug. 30, 2010 9:42 am.
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That's a great calculator. I want to help my friend in calculating his debt and mortgage so that he won't be filing bankruptcy . No more money left in his saving and he doesn't even know what to do.

Posted by Milka86 on Nov. 23, 2009 9:42 am.
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I pay for 660 a month for a two bedroom apartment. And every month i'm struggling to pay my rent. My gross monthly is 780 and it told me i shouldn't be paying more than $234 a month. What do I need to do?

Posted by twinzma21 on Aug. 4, 2009 8:55 am.
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Hi twinzma21, You should look into more affordable rentals or applying for rental assistance like housing vouchers that will keep your rent low and ensure you can afford it each month. Here is a link that can help: http://www.thebeehive.org/money/getting-help-basic-needs/help-rent-and-u...
Posted by Alexis Cala, Beehive Producer on Oct. 17, 2011 10:37 am.
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I was trying to use the rent calculator, but everytime I put in my gross pay, it gave me zero, why is that?

Posted by csparks on Dec. 17, 2008 11:03 am.
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csparks - are you putting your pay in with a "$"? If so, that will cause an error and give you a zero. Try just putting in the numbers in by themselves.

Posted by Lee Davenport, Beehive Producer on Dec. 17, 2008 11:44 am.
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