Home Affordability Calculator
Estimate a realistic home price range based on your income, existing debts, down payment and loan assumptions.
Result
Enter your numbers to see the estimate.
How this calculator works
Lenders typically use two guideline ratios to assess how much home you can afford: the front-end ratio (housing costs shouldn't exceed about 28% of gross monthly income) and the back-end ratio (all debt payments, including housing, shouldn't exceed about 36% of gross monthly income). These are common industry guidelines, not fixed rules — actual lending limits vary by lender and loan program.
This calculator applies both ratios to your income and existing debt to find your maximum comfortable monthly housing payment, subtracts an estimate for taxes, insurance and HOA, then works backward through the mortgage formula to estimate a loan amount — and adds your down payment to get an estimated home price range.
This is a planning estimate, not a pre-approval. Actual lending limits depend on your credit score, employment history, debt-to-income calculation method, and the specific lender's guidelines — which can be more or less conservative than the 28/36 rule. Adjust the assumptions above to see how a larger down payment or lower interest rate changes your range.
Example: A household with $96,000/year income, $400/month in existing debt, a $40,000 down payment, 6.5% interest rate and a 30-year term (with $4,200/year property tax and $1,400/year insurance) can afford a home price of roughly $320,000-$359,000.
How it works
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Frequently asked questions
How much house can I afford?
This depends on your income, existing debts, down payment and interest rate. This calculator applies standard 28% (housing) and 36% (total debt) guideline ratios to estimate a comfortable home price range.
What is the 28/36 rule?
A common lending guideline: your housing costs shouldn't exceed 28% of gross monthly income, and all debt payments combined shouldn't exceed 36%. It's a guideline, not a universal or fixed rule — actual limits vary by lender.
Is this the same as mortgage pre-approval?
No. This is a planning estimate based on general guidelines. An actual pre-approval considers your credit score, employment history and a specific lender's underwriting rules, which may differ from this calculator's assumptions.
How does down payment affect home affordability?
A larger down payment reduces the loan amount needed for the same home price, which lowers your monthly payment and can increase the home price you can comfortably afford.
Can I adjust the assumptions?
Yes, you can adjust income, debt, down payment, interest rate, loan term and estimated taxes/insurance to see how your affordable range changes.