Have you ever asked yourself the question "Can I afford to buy a house" or "What mortgage can I afford"?

This calculator will help you determine whether buying a home with a mortgage is realistic taking into account your current finances.

Calculator

            House price index

            UK
            Date Price 10% Deposit 5% Deposit Report
            Nov 14 £189,388 £18,938 £9469 click
            Oct 14 £189,333 £18,933 £9466 click
            Sep 14 £188,374 £18,837 £9418 click
            Aug 14 £189,306 £18,930 £9465 click
            Jul 14 £188,949 £18,894 £9447 click
            Jun 14 £188,903 £18,890 £9445 click
            May 14 £186,512 £18,651 £9325 click
            Apr 14 £183,577 £18,357 £9178 click
            Mar 14 £180,264 £18,026 £9013 click
            Feb 14 £177,846 £17,784 £8892 click
            Jan 14 £176,491 £17,649 £8824 click
            London
            Date Price 10% Deposit 5% Deposit Report
            Q3 14 £401,072 £40,107 £20,053 click
            Q2 14 £400,404 £40,040 £20,020 click
            Q1 14 £362,699 £36,269 £18,134 click

            This data is taken from the Nationwide House Price index and represents the average price of a house.

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            © 2014 Daniel Harper

            This calculator makes a number of assumptions and results should only be used as a guide.

            Affordability ratings should only be considered as an indicator of affordability and should not be considered as financial advice.

            Please speak to your lender or independent financial advisor for more substantial mortgage advice and eligibility.

            The purpose of this mortgage affordability calculator is to help people reason about their ability to afford a mortgage.

            While its primary aim is to help first time buyers on average incomes calculate whether they can afford to buy a property, it may also help those who: -

            • Are thinking about buying a home but are unsure of what a mortgage might cost and whether it is affordable.
            • Are considering the government led Help to Buy mortgage guarantee scheme and wondering whether you can afford a Help to Buy mortgage (especially for those with a 5% deposit)
            • Are already on the housing ladder and want to move to a new property.

            If you have any comments or suggestions about this site, feel free to tweet me @caniaffordtobuy

            Once you have inputted your information into the calculator, it will generate: -

            • A useful report that includes mortgage repayment details, percentage of income reserved for servicing debts and other costs you may need to consider, including Stamp Duty.
            • A set of graphs that provide an overview of the mortgage in a more visual manner
            • A handy guide on what might happen if interest rates rise on your mortgage
            • A unique URL that you can bookmark and return to later, or share with someone else.

            I'm coming to that time in my life where I'm beginning to think about buying a house. The single most frustrating thing to me has been trying to wrap my head around the myriad of topics you need to learn about mortgages and how they work. So I embarked on writing this mortgage calculator to help me see whether buying could be a viable option considering my financial situation.

            It is worth noting that there are plenty of similar mortgage calculators out there on the web that perform the same function, e.g.

            However I felt these were lacking some critical information such as interest rate rises or not taking into account your take home pay.

            As an excuse to start learning Android development, a version of this calculator is now available on Android devices.

            You can download Can i afford to buy? for free from the Google Play store.

            You can reach me via my twitter account @caniaffordtobuy

            Sure, but sharing spreadsheets isn't as fun as writing a website.

            My name is Daniel Harper, I work as software developer in London.

            For enquiries of a professional nature, you can try contacting me on LinkedIn, however I cannot guarantee a reply.

            • glyphicons.com for the excellent icon set.
            • Subrat Nayak (ipapun) for the home icon design, part of the "Devine-Icons Part 2" works available at this location. I have modified the colour of the works to suit the purposes of my design. This is licensed under the Creative Commons Attribution by license.

            Not in London, where I live. This site has helped me realise that the dream is mostly out of my reach

            You are welcome to donate a few mBTC towards my whiskey fund, if you're so inclined...

            Bitcoin address

            1AvSBYV5TzAU65MUSXWBV1KVvgYFaJxmaq