Second Home Affordability
Calculator
Results
- Net cost in the first year
- $13,148.58
- Share of income spent on housing (%)
- 13.840606%
- Headroom against the affordability limit
- $17,251.42
- Monthly mortgage payment
- $1,179.05
- Total net cost
- $328,714.40
The path over time
- Net cost this year
- Share of income spent on housing (%)
Year-by-year schedule
| 1 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 2 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 3 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 4 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 5 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 6 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 7 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 8 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 9 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 10 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 11 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 12 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 13 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 14 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 15 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 16 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 17 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 18 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 19 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 20 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 21 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 22 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 23 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 24 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
| 25 | 14,148.58 | 6,000.00 | 7,000.00 | 13,148.58 | 13.84 |
Comparison
| Scenario | Net cost in the first year | Share of income spent on housing (%) |
|---|---|---|
| Doing nothing | 20,148.58 | 21.21 |
| Your plan | 13,148.58 | 13.84 |
Formula
net = 12 × P(1−d)·r(1+r)ⁿ/[(1+r)ⁿ−1] + carrying − rent= 13148.58
Note
This projection applies the displayed standard formula to the costs and rates you entered and assumes they repeat, unchanged, every single period. Real households do not work that way: prices, incomes, interest rates and family circumstances all move, and a single unplanned event can outweigh years of the schedule below. The model ignores taxes, fees, benefits, grants and anything you did not enter, and costs of this kind vary enormously from one country to another. Treat the figures as an illustration of the arithmetic, not a forecast or financial advice, and consult a licensed adviser before acting on any of them.
More in Life planning
See all →Frequently asked questions
How is affordability for a second home different from a primary residence?+
Lenders typically apply stricter debt-to-income limits and require a larger down payment for second homes, and you must qualify while still carrying your existing primary mortgage, so your total combined housing debt matters, not just the new payment.
Does this calculator account for rental income if I plan to rent it out?+
Only if you input it, and even then, lenders often only credit a portion (commonly around 75%) of projected rental income toward qualifying, since vacancy and management costs reduce the amount they'll count as reliable income.
What ongoing costs should I include beyond the mortgage payment?+
Property taxes, insurance (which can be higher for vacation or seasonal homes), HOA fees, utilities even when vacant, and maintenance all add up — a second home's total holding cost is often underestimated if you only budget the mortgage.
How does my existing mortgage affect what I can afford for a second home?+
Lenders count your existing mortgage payment as part of your total monthly debt, so it directly reduces the loan amount you'll qualify for on the new property, even if your income comfortably supports both in practice.
Is a second home a good use of extra savings compared to investing?+
That depends on your goals — a second home ties up capital in an illiquid asset with ongoing costs, whereas investing keeps funds liquid and growing; the calculator can show the affordability math, but the investment-versus-lifestyle trade-off is a personal decision.