How much could you borrow for a mortgage?
Thinking about buying a home in Ireland? Use our Mortgage Affordability Calculator to get an estimate of how much you could potentially borrow and what property price may fit your income and savings.
Enter your income, savings, existing monthly commitments, mortgage term and estimated interest rate. The calculator will estimate your potential mortgage, maximum property price and monthly mortgage repayment.
Use the calculator to get a clearer picture of your potential borrowing position before you start viewing properties or talking to lenders.
What can I afford to borrow?
Your income, buyer type and deposit all affect how much you can potentially borrow.
The Central Bank of Ireland’s mortgage measures currently set a standard loan-to-income limit of:
- First-time buyers: up to 4 times gross annual income
- Second and subsequent buyers: up to 3.5 times gross annual income
The standard loan-to-value limit for both buyer types is 90%, which means you generally need a minimum 10% deposit for a principal home.
Our calculator uses these limits as part of its estimate, while also taking your savings, existing loan repayments and other monthly financial commitments into account.
How our mortgage affordability calculator works
The calculator looks at several factors that can affect your potential mortgage position.
1. Your gross household income
Enter your gross annual income and, if applicable, your partner’s gross annual income.
The calculator combines these figures to estimate your household income for the purpose of the calculation.
2. Your buyer type
Select whether you are a first-time buyer or a second/subsequent buyer.
This matters because the standard Central Bank loan-to-income limits differ between the two categories.
3. Your available savings
Enter the amount you have available towards your property purchase.
Your savings can affect the maximum property price you can consider because you generally need to provide a minimum deposit.
4. Your existing financial commitments
Include existing monthly loan repayments and other regular financial commitments.
These figures help provide a more realistic indication of how a potential mortgage repayment could fit alongside your existing commitments.
5. Your mortgage term and interest rate
Select your preferred mortgage term and enter an estimated interest rate.
The calculator then estimates your potential monthly mortgage repayment.
What your mortgage affordability results show
Once you complete the calculator, you’ll see several useful estimates.
Estimated maximum mortgage
This shows the estimated mortgage amount based on your gross household income and buyer type.
Estimated maximum property price
The calculator considers both your estimated mortgage capacity and your available savings to provide an estimated maximum property price.
Estimated monthly mortgage repayment
You’ll see an estimated monthly repayment based on your mortgage amount, chosen interest rate and mortgage term.
A longer mortgage term can reduce the monthly repayment, but it can also increase the total amount of interest paid over the life of the mortgage.
Estimated deposit required
The calculator estimates the deposit required based on the property price.
You can compare this with your available savings to see whether you appear to have enough funds for the estimated deposit.
Monthly affordability indicator
The calculator also considers your estimated mortgage repayment alongside your existing monthly financial commitments.
This gives you a clearer picture of how a potential mortgage could affect your monthly finances.
How much deposit do I need to buy a house in Ireland?
For a standard principal-home mortgage, the current Central Bank mortgage measures set a maximum loan-to-value ratio of 90% for first-time buyers and second/subsequent buyers.
That generally means a 10% minimum deposit.
For example, a €400,000 property would require a minimum deposit of approximately €40,000 under a 90% LTV limit.
However, having the minimum deposit does not automatically mean that a lender will approve the mortgage. Lenders assess each application using their own affordability and lending criteria.
How much can I borrow based on my income?
For standard mortgage lending under the current Central Bank framework:
First-time buyer
A gross household income of €100,000 could support a maximum standard borrowing limit of €400,000 based on a 4× income multiple.
Second or subsequent buyer
The same €100,000 gross household income could support a maximum standard borrowing limit of €350,000 based on a 3.5× income multiple.
These figures represent the standard regulatory limits, not a guaranteed mortgage offer. Lenders can apply their own affordability criteria, and a lender may offer less than the maximum permitted amount. Limited lending above the standard Central Bank limits is also permitted for lenders, but this is not guaranteed for an individual applicant.
Why use a mortgage affordability calculator?
Working out your potential borrowing position before you start looking at properties can help you set a more realistic budget.
Our mortgage affordability calculator can help you:
- Estimate how much you could potentially borrow
- Estimate a realistic property price based on your income and savings
- Understand the impact of your deposit
- Estimate your monthly mortgage repayment
- Consider existing loan repayments and financial commitments
- Compare different mortgage terms and interest rates
- Understand how your potential mortgage could affect your monthly finances
- Prepare for conversations with mortgage lenders
The calculator is designed to give you clarity before you make major financial decisions.
Mortgage affordability is about more than your income
Your income is only one part of the picture.
A lender may consider your income, employment circumstances, existing debts, regular expenditure, dependants, credit history, savings and other financial information when assessing your mortgage application.
The Central Bank’s mortgage measures set regulatory limits, but they do not replace a lender’s individual affordability assessment.
That’s why our calculator includes existing monthly loan repayments and other financial commitments rather than simply multiplying your income by 4 or 3.5.
Before you apply for a mortgage
Once you have an estimate of your potential borrowing position, you can start thinking about the wider costs of buying a home.
Remember to allow for costs such as:
- Deposit
- Stamp duty
- Solicitor’s fees
- Valuation and survey costs
- Mortgage-related fees
- Insurance
- Moving costs
- Repairs, furnishing and other property expenses
Read our blog post on the associated costs of buying a house in Ireland here.
Your deposit should not necessarily represent all of your available savings. Keeping an emergency fund can help you manage unexpected costs after you move into your new home.
Frequently Asked Questions
How much can I borrow for a mortgage in Ireland?
Under the current Central Bank mortgage measures, first-time buyers can generally borrow up to 4 times their gross annual income, while second and subsequent buyers can generally borrow up to 3.5 times their gross annual income. Your lender will also assess your individual ability to repay the mortgage.
How much deposit do I need for a mortgage in Ireland?
For a standard principal-home mortgage, first-time buyers and second/subsequent buyers generally need a minimum deposit of 10% under the current 90% loan-to-value limit.
Does my partner’s income count towards mortgage affordability?
If you are applying jointly, your partner’s income may contribute to the household income considered by a lender. Our calculator allows you to enter a second applicant’s gross annual income to estimate your combined borrowing position.
Do existing loans affect how much I can borrow?
Yes. Existing loan repayments and other financial commitments can affect your ability to meet a new mortgage repayment. Our calculator includes these figures to provide a more useful affordability estimate.
Does the calculator tell me whether a bank will approve my mortgage?
No. The calculator provides an educational estimate based on the information you enter. A lender will carry out its own affordability and credit assessment before deciding how much it is prepared to lend.
Can I borrow more than 4 times my income?
The Central Bank allows lenders a limited amount of lending above the standard loan-to-income limits. However, these allowances are limited and do not mean that an individual applicant will qualify for borrowing above the standard limit.
Use the Mortgage Affordability Calculator
Ready to see what your numbers look like?
Enter your income, savings, existing commitments, mortgage term and estimated interest rate above to calculate your estimated mortgage affordability.
A few minutes now could give you a much clearer starting point for your home-buying journey.
Important information
This mortgage affordability calculator provides an educational estimate only. It does not constitute financial advice, mortgage advice, a mortgage offer or a guarantee of borrowing.
Your actual mortgage eligibility and borrowing capacity will depend on your individual circumstances and your lender’s assessment. Mortgage rules, interest rates and lender criteria can change.
Always check the current requirements with your chosen lender or a suitably qualified professional before making a financial decision.
Read more blog posts related to mortgages here.
