Run the numbers before you fall in love with a house.

No. Our calculators never check your credit. They only use the numbers you type in, and nothing is stored or reported. Your credit is reviewed only when you apply for a pre-approval, and mortgage credit checks made within a short shopping window (14 to 45 days, depending on the scoring model) are typically counted as a single inquiry.

They're as accurate as the numbers you enter. The math follows the same formulas lenders use for principal, interest, taxes, insurance, mortgage insurance, and debt-to-income. What a calculator can't know is your actual credit score, the property's exact tax bill, your insurance quote, or how your income documents. A Brown loan advisor replaces those assumptions with verified figures during pre-approval.

Principal, interest, property tax, homeowners insurance, mortgage insurance, and HOA dues. Lenders call the first four PITI. Property taxes matter more here than most places: Illinois has some of the highest property tax rates in the country, so a home in Madison County or DuPage County can carry a much higher monthly payment than the same price in another state. Set the property tax field to match the area you're shopping.

Your price limit is set by whichever runs out first: your income, your existing debts, or your cash to close. Lenders compare your total monthly debts, including the new house payment, to your gross monthly income. That ratio is your debt-to-income, or DTI.

Example: with $8,000 a month in gross income and a 45% DTI ceiling, your total debts can reach $3,600. If you already pay $600 a month on a car and student loans, about $3,000 is left for the full house payment. The affordability calculator works backward from that number to a home price.

Most conventional loans approve up to about 45% DTI, and some go to 50% with strong credit and savings. FHA loans can allow higher ratios when the file has compensating factors. VA loans look at DTI alongside a separate residual income test. The often-quoted 28/36 rule is a comfort guideline, not a lending limit. Many buyers choose a payment below their maximum approval, and that's a smart call.

No. Conventional loans can start at 3% down for qualified first-time buyers, FHA at 3.5%, and VA and USDA loans can require nothing down. Putting down less than 20% on a conventional loan adds private mortgage insurance (PMI), commonly around 0.3% to 1.5% of the loan amount per year depending on credit and down payment. You can request PMI removal at 20% equity, and it ends automatically at 22% based on the original value. FHA mortgage insurance follows different rules, so ask us how it applies to your loan.

It depends mostly on how long you'll stay. Buying has upfront costs (down payment, closing costs) and selling costs later, so owning usually pulls ahead only after several years of building equity and paying down principal. Renting keeps your cash flexible. The rent vs. buy calculator compares both paths side by side over the same time period using your rent, the home price, and your expected time in the home.

A common rule of thumb is five years, but your break-even year can be shorter or longer. It moves with the price-to-rent ratio in your area, your interest rate, how fast home values and rents rise, and how much you put down. Run the calculator with the years you realistically expect to stay, then try a shorter stay to see how much risk you're taking on.

Refinancing makes sense when you'll keep the loan longer than it takes your savings to cover the closing costs. That point is called break-even. To find it, divide your total refinance closing costs by your monthly savings. Example: $5,000 in costs divided by $200 a month in savings equals 25 months. If you plan to stay well past that, the refinance pays off. Refinance closing costs typically run about 2% to 5% of the loan amount.

Keep in mind that restarting a 30-year term can lower your payment but raise the total interest you pay over the life of the loan. The refinance calculator shows both numbers.

There's no magic number. The old "one percent rule" is a starting point, not a requirement. On a large balance, a smaller drop can still produce meaningful monthly savings and a short break-even. On a small balance, even a full point may not cover the costs. Other reasons to refinance include removing mortgage insurance, switching from an adjustable to a fixed rate, shortening your term, or taking cash out.

Closing costs are separate from your monthly payment estimate. For a purchase, plan on closing costs of roughly 2% to 5% of the price, on top of your down payment. Within three business days of your application, you'll receive a Loan Estimate that itemizes every fee. Sellers can sometimes contribute toward your closing costs, depending on the loan program.

A calculator gives you an estimate. A pre-approval gives you a verified number sellers trust. During pre-approval, a Brown loan advisor reviews your credit, income, assets, and debts, then issues a letter stating how much you're approved to borrow. Self-employed income, gift funds, a home you still need to sell, or seasonal earnings can change your number in ways no calculator can model. Get pre-approved before you start touring so your offer is ready the day you find the right house.