CoBuy a Home Affordability Calculator

How much house can we afford together?

Learn how much you can afford by teaming up with friends, family, or your partner to co-buy a home.

How many co-buyers, including you?

CoBuyer #1
Individual contribution to monthly mortgage payment including principal, interest, taxes, and insurance.
Individual contribution to the upfront purchase costs including down payment and closing costs.
CoBuyer #2
CoBuyer #3
CoBuyer #4
Settings

If you update these assumptions, click the button to update your result.

Mortgage rate (30-year fixed-rate mortgage)
Closing costs (% of purchase price)
Annual property taxes (% of purchase price)
Annual homeowners insurance (% of purchase price)
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Total monthly expenditure
Total cash to close
Estimated budget to CoBuy a home:
This calculation is an estimate. It does consider Private Mortgage Insurance, but does not assess other important factors that impact your ability to borrow and terms (credit scores, debt-to-income-ratios, and employment).

Questions & answers

How do I use this calculator?

1. Select how many co-buyers, including you, plan to purchase a home together (two, three, or four).

2. For each co-buyer, enter monthly expenditure and cash to close. Monthly expenditure is the dollar amount each co-buyer will contribute every month towards mortgage repayments (principal + interest + taxes + insurance). Cash to close is the dollar amount each co-buyer will contribute up front to the home purchase to cover down payment plus closing costs.

3. You can adjust assumptions by clicking on Settings and making changes to the mortgage rate, closing costs, annual property taxes, and annual homeowners insurance (optional).

4. Click the green Check our budget button to calculate your estimated budget for co-buying a home based on your inputs.

What is co-buying?

Co-buying is when two or more people who are not married to one another team up to buy and own a home together. Friends, family members, and couples co-buy homes.
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Examples:
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• Two friends
• An unmarried couple
• A mother and daughter
• Two married couples
• A multi-generational household
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A co-buyer is anyone who participates financially in this kind of purchase.
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Note: It's common for a friend or relative to participate as a non-occupant investor. This can take the form of a gift, loan, co-signing, or co-ownership.

How many people can co-buy a home together?

It depends on many factors, including whether or not you require a mortgage to finance your home purchase.

Obtaining traditional financing through a residential mortgage lender becomes difficult with more than five co-borrowers on a mortgage.

Do we need a 20% down payment to co-buy?

No. Many mortgage products exist that allow borrowers to put less than 20% down towards a purchase. Some government loans allow for little to no down payment, but eligibility is borrower and case-specific.
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