House Affordability Calculator
Estimate the home price you can afford — based on your income, debts, down payment, and local costs.
Gross income before taxes
Car loans, credit cards, student loans
Cash you'll put toward the home
Current mortgage rate estimate
Typical 15 or 30 years
Annual % of home value
Homeowner's insurance/year
Condo/neighborhood fees
Max affordable home price
—
estimated purchase budget
Loan amount
—
mortgage principal needed
Monthly payment (PITI + HOA)
—
principal, interest, taxes, insurance, HOA
Down payment %
—
of total home price
🏠 Front-end DTI (housing) : —
📊 Back-end DTI (total) : —
✓ Standard limits: 28% / 36%
🔍 How to use this house affordability tool
This calculator follows industry-standard debt-to-income (DTI) ratios: housing expenses shouldn’t exceed 28% of your gross monthly income, and total monthly debts (including housing) should stay under 36%. The tool computes the maximum home price you can afford based on your down payment, interest rate, property taxes, insurance, and HOA fees.
📌 Key factors that influence affordability:
- Income & existing debts: Higher monthly debts reduce the amount available for mortgage payments.
- Down payment size: A larger down payment lowers loan amount and monthly costs.
- Interest rate & loan term: Lower rates or longer terms reduce monthly payments, potentially raising affordability.
- Property tax & insurance: These are recurring costs often based on home value; our calculator automatically adjusts.
For a more accurate budget, remember to consider maintenance, utilities, and possible PMI if down payment is less than 20% — PMI is estimated indirectly by using stricter DTI buffers. Always consult a mortgage professional.
📈 Pro tips for improving affordability
- Pay down existing debts (credit cards, auto loans) to lower your back-end DTI.
- Save for a larger down payment to reduce monthly principal & interest.
- Shop competitive interest rates and compare property tax rates per county.
⚠️ Disclaimer: This calculator provides estimates based on standard DTI guidelines (28/36). Actual loan approval depends on credit score, lender requirements, and local market conditions. Results are for informational purposes only.
