🏡

House Affordability Calculator

Calculate how much house you can afford based on income, debts, down payment, and mortgage rates. Determine maximum home price and monthly payment within your budget.

Popular
Advertisement

Your Financial Information

$

Your gross annual income before taxes

$

Car loans, student loans, credit cards, etc.

$

Amount you can put down upfront

Loan Details

%
yrs

Additional Costs

$
$
$

You Can Afford

Maximum Home Price
$296,570
Maximum Loan Amount
$256,570
Total Monthly Payment
$1,857

Monthly Payment Breakdown

Principal & Interest$1,300
Property Tax$250
Home Insurance$100
HOA Fees$100
PMI (Private Mortgage Insurance)$107

Debt-to-Income Ratios

Front-End Ratio
29.7%
Target: ≤ 28%
Back-End Ratio
37.7%
Target: ≤ 36%
⚠ May not qualify

Your debt ratios exceed standard guidelines. Consider options below.

💡 Recommendations

  • Consider reducing existing debts or increasing down payment
  • Save for 20% down payment to avoid PMI and reduce monthly costs
  • Housing costs exceed 28% of income - consider a lower price range
  • Total debt exceeds 36% of income - pay down debts before buying
  • Get pre-approved by lenders for actual qualification
  • Budget for maintenance (1-2% of home value annually)
  • Keep emergency fund of 3-6 months expenses
Advertisement

How Much House Can You Afford?

This calculator uses the 28/36 rule and your financial information to determine a realistic home price range. Staying within these guidelines helps ensure comfortable mortgage payments.

The 28/36 Rule Explained

  • Front-End Ratio (28%): Housing costs ≤ 28% of gross income
  • Back-End Ratio (36%): Total debt payments ≤ 36% of gross income

What\'s Included in Housing Costs

  • Principal and interest (P&I)
  • Property taxes
  • Homeowners insurance
  • HOA fees (if applicable)
  • PMI (if down payment < 20%)

Beyond the Calculator

  • These are guidelines, not hard limits
  • Consider your job stability and savings
  • Leave room for lifestyle expenses
  • Budget for maintenance (1-2% of home value annually)
  • Get pre-approved to know your actual qualification

Frequently Asked Questions

Advertisement