Real Affordability Calculator
What you can actually afford vs what the bank says you can afford
A free tool by Brian Wittman | wittman.brian@gmail.com
Step 1: Your Take-Home Income
Step 2: Your Monthly Obligations
Based on your take-home income shown above, what do you spend each month?
Car loans, student loans, credit cards, personal loans
Groceries, gas, utilities, insurance, entertainment, savings - everything except housing
Step 3: Savings & Down Payment
Step 4: Loan Details (Illinois Estimates)
â„¹ï¸ This uses the higher end of typical rates for your county. Your actual rate may be lower depending on municipality and school district.
Your Real Affordability Results
âš ï¸ Reality Check:
Ready to Discuss Your Results?
Let's create a personalized homebuying strategy that protects your financial peace of mind.
Questions? Email me at wittman.brian@gmail.com
Understanding The Two Numbers
Your Comfortable Budget is based on your actual take-home income (after taxes). This is what you can afford without becoming "house poor" - it factors in your real living expenses and leaves breathing room for life.
Bank Approval is based on your gross income (before taxes) using the 43% debt-to-income rule. Banks don't care about your grocery bill, gas, or savings - they only look at documented debts.
Why they're different: The bank uses gross income and ignores most of your actual expenses. Your comfortable budget uses your real take-home pay and accounts for everything you actually spend money on.
The smart move: Use your comfortable budget as your target. Just because the bank will approve you for more doesn't mean you should spend it all.
ðŸ›ï¸ Illinois Property Tax Reality
Illinois has the 2nd highest property taxes in the nation. We've pre-loaded typical rates for major Illinois counties in the dropdown above, but your actual rate may vary by municipality and school district.
Why this matters: On a $250,000 home at 2.3% property tax, you're paying $479/month ($5,750/year) in property taxes alone. That's often more than your principal & interest payment in the early years!
Pro tip: When comparing homes, always check the actual property tax rate for that specific address. A "cheaper" home in a high-tax municipality might cost you more per month than a pricier home in a lower-tax area.
The rates in our county selector represent the higher end of typical rates. To find your exact rate, ask your real estate agent or search "[Property Address] property tax rate" online.