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How Much Home Can I Afford?



Home loan rates today are still low. Use the mortgage calculator above to figure out what your monthly payment would be on the house you are dreaming about.

This mortgage calculator assumes average taxes and insurance costs in Arkansas, Oklahoma and Kansas and does not factor in possible down payment. Learn what factors play in to purchasing a home.

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What goes in my home loan affordability?

We take into account a few things, such as your household income, monthly debts (for example, car loan and student loan payments). The calculation doesn't include any money you may want to use for a down payment and closing costs.

An important thing to consider is retaining funds an emergency or rainy day. Typically, this is three months of your housing payments, including your monthly expenses, in reserve.

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Important components in determining out how much you can afford are 1) household monthly income; 2) available funds to cover your down payment and closing costs; 3) household monthly expenses; 4) your credit score and your spouse's if filing jointly.

  • Income: money received, especially on a regular basis, for work or through investments.
  • Available Funds: Available funds (from savings, investments or other sources) that you can use as a home down payment and to cover closing costs.
  • Debt and expenses: Don't forget to factor in other monthly obligations you may have, such as credit cards, car payments, student loans, groceries, utilities, insurance, etc.
  • Credit score: Your score and the amount of debt you owe play a significant role in how a lender will view of you as a borrower—determining how much money you can borrow and what interest rate you’ll be charged.

An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing.

But don't overreact! The data used to calculate your credit score doesn't include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Don't limit your mortgage shopping for fear of the effect on your credit score.

We take full advantage of an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your loan application. Gone are the days when it was necessary to verify every piece of data collected during the application. The automated underwriting system compares your financial situation with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed. In many cases, a single W-2 or pay stub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan.
If you're selling your current home to purchase your new home, we'll ask you to provide a copy of the settlement or closing statement you'll receive at the closing to verify that your current mortgage has been paid in full and that you'll have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we'll just ask you to bring your settlement statement with you to your new mortgage closing.

We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act.

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