home affordability calculator

How Much House Can I Afford?

Start with your income, debts, down payment, interest rate, and housing-cost assumptions to estimate a home price and mortgage amount that may fit your planning budget.

planning estimate only

The result is not a loan approval, prequalification, rate quote, or affordability guarantee. Actual lender decisions depend on credit, documents, property details, loan program rules, and market rates.

budget inputs

Estimate from income and debts

These are planning assumptions, not lender rules or live mortgage-rate quotes.

Annual gross household income

Income before taxes and deductions, entered per year.

Monthly debt payments

Recurring monthly debts, excluding the new housing payment.

Down payment

Cash you expect to put toward the purchase price.

Interest rate

Use an illustrative fixed annual rate, such as 6.5.

Loan term

Custom term in years

Choose 15, 20, 30, or enter another term up to 50 years.

Adjust housing costs and planning guidelines

Property taxes per year

Homeowners insurance per year

HOA fees per month

PMI per month

Housing expense guideline

Default: 28% of gross monthly income.

Total debt guideline

Default: 36% of gross monthly income including existing monthly debts.

planning estimate

Estimated home price you may be able to afford

Estimated affordable home price

$398,063.80

Based on your selected budget guidelines and housing-cost assumptions.

Estimated mortgage amount: $348,063.80
Down payment included: $50,000.00
Max monthly housing payment: $2,800.00
Principal & interest budget: $2,200.00

Monthly cost breakdown

Principal & interest: $2,200.00
Property taxes: $400.00
Homeowners insurance: $100.00
HOA: $100.00
PMI: $0.00
Total monthly housing payment: $2,800.00

Budget and DTI insight

Monthly gross income: $10,000.00
Existing monthly debts: $500.00
Selected housing guideline: 28%
Selected total debt guideline: 36%
Resulting housing ratio: 28%
Resulting total-debt ratio: 33%

Housing expense guideline is limiting this estimate.

This is an estimate for planning purposes only. It is not mortgage approval or prequalification. Actual affordability and eligibility depend on lender requirements, credit, rates, property costs, loan program, and other factors.

Calculate the payment for a specific loan amount

How much home can I afford?

A useful affordability estimate starts with more than a purchase price. Consider gross income, existing debts, down payment, interest rate, property taxes, insurance, HOA fees, PMI, regular maintenance, emergency savings, and how much monthly payment would still feel comfortable.

Consumer homebuying guidance from the CFPB emphasizes building a budget around the total monthly home payment, not only principal and interest. That is why this calculator lets you enter taxes, homeowners insurance, HOA fees, and PMI as separate assumptions.

How the affordability estimate works

Open calculation notes

Gross income means income before taxes and deductions. Debt-to-income ratio compares monthly debt payments with gross monthly income.

The calculator applies editable planning guideline percentages, subtracts existing monthly debts where applicable, then subtracts user-entered taxes, insurance, HOA, and PMI to estimate the principal-and-interest budget.

The result uses the fixed-rate payment formula in reverse to estimate a loan amount, then adds your down payment to estimate a home price. These guidelines do not guarantee lender approval.

Affordability vs. mortgage payment calculator

Use this affordability calculator when you are starting from a budget and want to estimate a possible home price or mortgage amount.

If you already know the loan amount, use the mortgage payment calculator to estimate monthly principal and interest and view an amortization schedule.

Content review sources

The explanation on this page is informed by consumer guidance from the CFPB on budgeting for a home and debt-to-income ratio, Freddie Mac's note that homebuying budget calculators provide guidance and estimates, and Fannie Mae consumer education about affordability factors.

Home affordability calculator FAQ

How much mortgage can I afford based on my income?

This calculator estimates a mortgage amount from your gross income, monthly debts, down payment, rate, term, and housing-cost assumptions. It is a budgeting estimate, not loan approval.

Does this calculator show how much mortgage I can afford?

Yes. It estimates a home price and mortgage amount from your income, debts, down payment, rate, term, taxes, insurance, HOA, PMI, and selected planning guidelines. It is not mortgage approval or prequalification.

What debts are included in debt-to-income ratio?

Use recurring monthly debt payments such as auto loans, student loans, credit card minimum payments, personal loans, and other ongoing obligations. Do not include the proposed new housing payment in the monthly debt field.

Does the estimate include property tax and homeowners insurance?

Yes, when you enter those assumptions. Property taxes and homeowners insurance are converted from annual amounts to monthly costs and reduce the principal-and-interest budget available for the mortgage.

Does a larger down payment increase how much house I can afford?

A larger down payment can raise the estimated home price because it adds cash to the estimated mortgage amount. It may also affect real loan terms, but this calculator does not determine lender eligibility.

Is this the same as mortgage preapproval?

No. Preapproval requires lender review of credit, income, assets, debts, property details, loan program rules, and documentation. This page is only a planning calculator.

Disclaimer: This affordability calculator is for educational planning only. It is not a lender offer, loan approval, prequalification, affordability determination, or financial advice.