Home Price Estimator
A smarter way to start a home search ...
Disclaimer –
The Home Price Estimator is provided for entertainment and informational purposes only. It is not financial advice, a loan approval, a pre-qualification, a pre-approval, or an offer to lend. Results are simulated estimates based on assumptions and may differ from actual mortgage terms, costs, expenses, or eligibility requirements.
About the Home Price Estimator –
The Home Price Estimator helps you explore a realistic home price example based on two factors: • The monthly housing payment you feel comfortable with• The funds you have available for a down payment and closing costs
Using these inputs, along with estimated property taxes, homeowners insurance, mortgage insurance (when applicable), and other assumptions, the estimator generates an illustrative home price example designed to align with both your budget and comfort level.
The Home Price Estimator is designed to provide realistic affordability examples using conservative assumptions; however, no guarantee is made regarding the accuracy, completeness, or applicability of the results.
Data Source & Modeling Assumptions –
The Home Price Estimator uses illustrative assumptions and sample scenarios for entertainment, informational, and comparison purposes only. Actual results will vary. • Example Interest Rate (updated weekly) - Freddie Mac Primary Mortgage Market Survey® (PMMS®) | The survey reflects a market sample, not an actual rate • Property Taxes – Tax Foundation, published property taxes by county | Effective Median Tax Rates for owner-occupied housing (2024) | The HP-Estimator applies taxes rates to home price • Homeowners Insurance – Bankrate, LLC., published homeowners insurance examples by state | Condominium Insurance - Nerd Wallet, published condo insurance averages by state | The HP-Estimator assumes coverage of the greater of the loan amount or 80% of home price • Private Mortgage Insurance – 0.23% to 1.15%, for guidance only | The HP-Estimator calculates PMI as borrower paid monthly insurance for down payments of less than 20% • Closing Costs – Fannie Mae & Freddie Mac: usual/typical range 2%–5% | The HP-Estimator uses 3.5% - 5.5% of home price • Property Type - The HP-Estimator assumes a home is an owner occupied, single family, primary residence and not in a flood zone, unless stated otherwise.
All assumptions, methodologies, and data sources are subject to change without notice. Terms of Use -
The Home Price Estimator is free to use for personal, informational, and sharing purposes, including social media.
Commercial use is prohibited.
Limitations –
The Home Price Estimator only does math, it does not determine loan eligibility, provide a pre-qualification, or issue a pre-approval. It performs an affordability estimation based on the assumptions and inputs provided.
For a more accurate understanding of your borrowing options and eligibility, consider obtaining a mortgage pre-approval before beginning your home search. The estimator is designed to generate illustrative examples using conventional conforming owner-occupied fixed-rate financing with at least a 5% down payment. Results are based on estimates, averages, and assumptions rather than actual loan terms. There are other program options with different terms, lesser down payment options and larger loan amounts, but those programs may have limitations, eligibility requirements or restrictions or other costs making them out of scope of this tool.
Association Fees –
If you are considering properties with association fees, such as condominiums, townhomes, or in a planned unit development, you should reduce the monthly payment amount entered into the estimator by the anticipated association fee.
Example: If your maximum comfortable monthly housing expense is $2,900 and typical association fees are approximately $400 per month, you should enter $2,500 as your comfortable monthly housing payment.
This adjustment helps account for association fees that may be part of your total monthly housing expense.
Flood Insurance –
For simplicity, the Home Price Estimator assumes no flood insurance expense.
If a property is located within a designated Special Flood Hazard Area (SFHA), flood insurance may be required by the lender and could increase the total monthly housing payment.
Because flood insurance requirements vary by property and location, the estimator does not attempt to estimate this cost.
The Home Price Estimator is provided for entertainment and informational purposes only. It is not financial advice, a loan approval, a pre-qualification, a pre-approval, or an offer to lend. Results are simulated estimates based on assumptions and may differ from actual mortgage terms, costs, expenses, or eligibility requirements.
About the Home Price Estimator –
The Home Price Estimator helps you explore a realistic home price example based on two factors: • The monthly housing payment you feel comfortable with• The funds you have available for a down payment and closing costs
Using these inputs, along with estimated property taxes, homeowners insurance, mortgage insurance (when applicable), and other assumptions, the estimator generates an illustrative home price example designed to align with both your budget and comfort level.
The Home Price Estimator is designed to provide realistic affordability examples using conservative assumptions; however, no guarantee is made regarding the accuracy, completeness, or applicability of the results.
Data Source & Modeling Assumptions –
The Home Price Estimator uses illustrative assumptions and sample scenarios for entertainment, informational, and comparison purposes only. Actual results will vary. • Example Interest Rate (updated weekly) - Freddie Mac Primary Mortgage Market Survey® (PMMS®) | The survey reflects a market sample, not an actual rate • Property Taxes – Tax Foundation, published property taxes by county | Effective Median Tax Rates for owner-occupied housing (2024) | The HP-Estimator applies taxes rates to home price • Homeowners Insurance – Bankrate, LLC., published homeowners insurance examples by state | Condominium Insurance - Nerd Wallet, published condo insurance averages by state | The HP-Estimator assumes coverage of the greater of the loan amount or 80% of home price • Private Mortgage Insurance – 0.23% to 1.15%, for guidance only | The HP-Estimator calculates PMI as borrower paid monthly insurance for down payments of less than 20% • Closing Costs – Fannie Mae & Freddie Mac: usual/typical range 2%–5% | The HP-Estimator uses 3.5% - 5.5% of home price • Property Type - The HP-Estimator assumes a home is an owner occupied, single family, primary residence and not in a flood zone, unless stated otherwise.
All assumptions, methodologies, and data sources are subject to change without notice. Terms of Use -
The Home Price Estimator is free to use for personal, informational, and sharing purposes, including social media.
Commercial use is prohibited.
Limitations –
The Home Price Estimator only does math, it does not determine loan eligibility, provide a pre-qualification, or issue a pre-approval. It performs an affordability estimation based on the assumptions and inputs provided.
For a more accurate understanding of your borrowing options and eligibility, consider obtaining a mortgage pre-approval before beginning your home search. The estimator is designed to generate illustrative examples using conventional conforming owner-occupied fixed-rate financing with at least a 5% down payment. Results are based on estimates, averages, and assumptions rather than actual loan terms. There are other program options with different terms, lesser down payment options and larger loan amounts, but those programs may have limitations, eligibility requirements or restrictions or other costs making them out of scope of this tool.
Association Fees –
If you are considering properties with association fees, such as condominiums, townhomes, or in a planned unit development, you should reduce the monthly payment amount entered into the estimator by the anticipated association fee.
Example: If your maximum comfortable monthly housing expense is $2,900 and typical association fees are approximately $400 per month, you should enter $2,500 as your comfortable monthly housing payment.
This adjustment helps account for association fees that may be part of your total monthly housing expense.
Flood Insurance –
For simplicity, the Home Price Estimator assumes no flood insurance expense.
If a property is located within a designated Special Flood Hazard Area (SFHA), flood insurance may be required by the lender and could increase the total monthly housing payment.
Because flood insurance requirements vary by property and location, the estimator does not attempt to estimate this cost.
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