Home Affordability Calculator
Find the highest property price that fits your income, down payment, EMI comfort and closing costs.
What Can You Afford?
Max Affordable Property Price
₹63,06,970
Month-by-month principal, interest and outstanding balance (240 EMIs).
Tenure
240 mo
Total Principal
₹48,06,970
Total Interest
₹52,04,870
Total Payment
₹1,00,11,840
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹41,716 | ₹7,667 | ₹34,049 | ₹47,99,303 |
| 2 | ₹41,716 | ₹7,721 | ₹33,995 | ₹47,91,582 |
| 3 | ₹41,716 | ₹7,776 | ₹33,940 | ₹47,83,806 |
| 4 | ₹41,716 | ₹7,831 | ₹33,885 | ₹47,75,976 |
| 5 | ₹41,716 | ₹7,886 | ₹33,830 | ₹47,68,090 |
| 6 | ₹41,716 | ₹7,942 | ₹33,774 | ₹47,60,148 |
| 7 | ₹41,716 | ₹7,998 | ₹33,718 | ₹47,52,149 |
| 8 | ₹41,716 | ₹8,055 | ₹33,661 | ₹47,44,094 |
| 9 | ₹41,716 | ₹8,112 | ₹33,604 | ₹47,35,982 |
| 10 | ₹41,716 | ₹8,169 | ₹33,547 | ₹47,27,813 |
| 11 | ₹41,716 | ₹8,227 | ₹33,489 | ₹47,19,586 |
| 12 | ₹41,716 | ₹8,286 | ₹33,430 | ₹47,11,300 |
About Home Affordability Calculator
Home Affordability estimates a property budget that fits your EMI comfort, down-payment cash and closing costs — not only the maximum a bank might lend under FOIR rules.
What is home affordability?
Eligibility asks how large a loan income rules might support. Affordability asks a stricter question: after down payment, stamp/registration and day-to-day EMI stress, what property price is actually workable? EnrichReturns combines FOIR-style EMI capacity with cash for equity and closing costs so the target house is one you can close and live with.
How this calculator works
Enter monthly income, existing EMIs, FOIR % (often 40–50%), loan rate, tenure, down payment and closing-cost % of property. The tool first finds max EMI = income × FOIR − existing EMIs, then reverse-calculates the loan that EMI can support. Property price is then (max loan + down payment) ÷ (1 + closing %).
Formula / methodology
Max EMI = (monthly income × FOIR%) − existing EMI. Loan from EMI uses the standard reverse-EMI identity: P = EMI × ((1+r)^n − 1) / (r × (1+r)^n), where r is the monthly rate and n is months. Property ≈ (loan + down payment) / (1 + closingCost%). Estimated EMI is recomputed on the loan actually used for that property.
Worked example
Income ₹1.2 lakh/month, existing EMI ₹15,000, FOIR 50%, rate 8.5%, tenure 20 years, down payment ₹15 lakh, closing costs 7%. Max EMI capacity is ₹45,000. That supports roughly ₹51.9 lakh of loan. Combined with the down payment and closing buffer, the illustrative max property price is about ₹62.5 lakh, with total cash needed near ₹19.4 lakh (down payment + closing). Always stress a 1–2% rate rise before you commit.
Advantages
Separates “bank might lend this much” from “I can comfortably close and pay.” Surfaces closing cash that many listings ignore. Lets you stress FOIR and tenure before shortlisting societies.
Assumptions and limitations
Assumes a constant rate and FOIR band you choose. Does not model society charges, interiors, or local price negotiation. Stamp duty varies by state — confirm with the Stamp Duty tool and your registrar. This is not a bank sanction letter.
Related learning guides
Frequently Asked Questions
- What does home affordability mean?
- It estimates the highest property price you can buy given income, existing EMIs, down payment, loan terms, and closing costs.
- Why include stamp duty in affordability?
- Stamp duty and registration need cash at purchase. Ignoring them can overstate the house price you can actually close.
- Is a larger down payment always better?
- A larger down payment lowers the loan and EMI, but keep emergency savings aside. Do not empty your entire liquid corpus.
- How is this different from eligibility?
- Eligibility focuses on max loan from income. Affordability also folds in cash for down payment and closing costs to size the property.
- Should I stretch to the maximum price?
- Usually no. Leave buffer for maintenance, interiors, and rate rises. Stress-test EMI if rates increase by 1–2%.