The Borrowing Power Calculator estimates how much you’re able to borrow based on your financial situation. It does this by factoring in the following:
- Income
- Expenses
- Existing debts
By calculating your monthly disposable income and applying a buffer for interest rate changes, this calculator gives a general idea of how much a lender might approve. However, it’s crucial to remember that this estimate doesn’t guarantee approval, as lenders may have additional requirements.