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House Affordability
How much house you can afford
How It Works
Free house affordability calculator to estimate an affordable home price based on income, debt, and down payment.
A house affordability calculator estimates how much home you can afford based on your income, debts, down payment, and current interest rates. The general rule of thumb is that your monthly housing costs should not exceed 28% of your gross monthly income (front-end DTI), and your total debt payments should not exceed 36% (back-end DTI).
Lenders use these debt-to-income ratios to determine how much they are willing to lend. A higher down payment reduces the loan amount needed and can eliminate the need for private mortgage insurance (PMI). In addition to the mortgage payment, buyers must account for property taxes, homeowners insurance, HOA fees, and maintenance costs.
It is recommended to get pre-approved for a mortgage before house hunting, as this gives a clear picture of the budget and demonstrates seriousness to sellers.
Results
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Quick Tips
- • Results update automatically as you type
- • Use Tab to navigate between fields
- • Press Enter to calculate