PenFed Mortgage with Confidence

PenFed’s Mortgage Affordability Calculator


With our mortgage affordability calculator, it's quick and easy to see how much house you can afford. Take a few minutes to discover the minimum and maximum loan amount you might be able to qualify for and what your monthly payment could be.

This is a great way to quickly understand an approximate estimate of payments.  If you’d like a more precise estimate of interest rate, payment, and more — based on your situation, you can use our “Get my Rate” tool by supplying some basic financial data.

Can I Afford a Mortgage?

If you’ve just started thinking about buying a home, your number one question is most likely how much you can afford. Although they may qualify for a larger home loan, some borrowers find that they’d prefer to be conservative and underbuy.

While other shoppers want to take advantage of low rates and purchase their dream home, they’re willing to use their maximum buying power.

No matter what your goals are — it’s good to look at all your options. Let’s get started.

There are four boxes to fill out on our affordability calculator.

1.     Annual Income

List your yearly income before taxes from all sources. Include W2, social security, retirement, self-employment, child and spousal support, and any other ongoing income that will continue for at least three years

2.     Monthly Debts

Include the total amount for recurring debts. Add up mortgage or home equity loans (that won’t be paid off), auto loans, student loans, personal loans, and minimum credit card payments.

3.     Down Payment

The amount of money you have to put down determines what loan options you have available.

4.     Loan Term

Choose from 15, 20, and 30 years.

Press calculate to see what you might be able to afford.

Mortgage Affordability vs. Standard of Living

Once you have a good idea of the maximum loan you could afford — take a step back. It’s easy to fall in love with a beautiful home at the highest mortgage amount you can get. But you also need to consider other factors that are important to you. It’s smart not to over-buy and discover that you have no money for anything else once you move in. Make sure you’re giving yourself some cushion room for lifestyle essentials. For example — do you need or want extra money each month for:

  • Private education
  • Vacations
  • Recreation
  • Investing

Loan Programs & Other Mortgage Calculators

Now that you have an idea of what you can afford — the next step is to investigate your different loan options. PenFed specializes in:

  • VA Loans
  • Conforming Loans
  • Jumbo Loans

VA Loans

If you’re a current service member, veteran, or eligible surviving spouse, a VA loan is an excellent choice if you qualify. You can get into a home with zero down, and the rates are exceptional. Find out what your payment, including principal, interest, taxes, and insurance, is with PenFed's VA mortgage calculator.

Conforming Fixed

Take advantage of our historically low fixed-rates with PenFed’s conforming mortgages. Whether you need financing for your primary residence, a second home, vacation home, or investment property — a conforming loan could be the answer.

Conforming loans follow the conforming loan limits. For 2022 the limits are $647,200 for most of the country and up to $970,800 in high-cost areas. Try out PenFed’s conforming mortgage calculator and see what your payment could be.

Jumbo Loans

For home loans above the conforming limits, you’ll need a jumbo loan. PenFed offers these larger loans, and we can walk you through every step of the way. Use our easy jumbo mortgage calculator to determine what your monthly payment (including taxes and insurance) could be.

For more information about PenFed Mortgages:

PenFed Mortgage: 


Get Started



Rates starting at % (APR %)¹


Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5


Rates as Low as % APR with flexible use of funds

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5


1Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.