House Affordability Calculator

Calculate how much house you can afford based on your income, debts, and down payment. See your maximum home price and monthly payment breakdown.

Affordability Summary

Max Home Price

$364,517

Based on 28/36 rule

Monthly Payment

$2,333

PITI + PMI + HOA

Loan Amount$291,614
Down Payment$72,903
Front-End Ratio28.0%
Back-End Ratio34.0%

Income & Debts

$
30,000300,000
$

Include car payments, student loans, credit cards, etc.

Loan Terms

%
330
%

Property Costs

%

US average: ~1.1%. Ranges from 0.3% (HI) to 2.5%+ (NJ, IL).

$
$

Monthly Payment Breakdown

Principal:$264
Interest:$1,580
Taxes:$365
Insurance:$125

Affordability by Income

IncomeMax PriceMonthly Payment
$60,000/yr$194,043$1,300/mo
$80,000/yr$287,500$1,866/mo
$100,000/yr$364,517$2,333/mo
$125,000/yr$460,801$2,916/mo
$150,000/yr$557,091$3,499/mo
$200,000/yr$749,853$4,667/mo

Debt-to-Income Ratios

Front-End Ratio (Housing)28.0% / 28%
Back-End Ratio (Total Debt)34.0% / 36%

Affordability Summary

Max Home Price

$364,517

Based on 28/36 rule

Monthly Payment

$2,333

PITI + PMI + HOA

Loan Amount$291,614
Down Payment$72,903
Front-End Ratio28.0%
Back-End Ratio34.0%

Quick Answer

Home affordability depends on income, debts, down payment, and interest rates. Generally, housing costs should be under 28% of gross income, total debt under 36%. Our calculator shows the maximum home price you can afford.

Key Facts

  • 28/36 rule: housing 28%, total debt 36% of gross income
  • Lenders may approve up to 43% DTI for qualified borrowers
  • Higher down payment = higher affordable price
  • Interest rates significantly impact affordability
  • Don't forget taxes, insurance, and HOA in calculations
  • Pre-approval gives more accurate affordability than calculators

Frequently Asked Questions

Generally, you can afford a home 2.5-3x your annual income. Lenders use debt-to-income ratios: front-end (housing costs) should be ≤28% of gross income, back-end (all debts) should be ≤36%. Your actual affordability depends on down payment, rates, taxes, and other debts.
The 28/36 rule is a lending guideline: housing costs (mortgage, taxes, insurance) should not exceed 28% of gross monthly income (front-end ratio), and total monthly debt payments should not exceed 36% of gross income (back-end ratio).
Minimum down payments: Conventional loans 3-5%, FHA loans 3.5%, VA/USDA loans 0%. However, 20% down avoids PMI, reduces monthly payments, and may get better rates. Median first-time buyer puts down 6%, repeat buyer 17%.
PITI: Principal, Interest, property Taxes, homeowner's Insurance. Also consider: PMI (if <20% down), HOA fees, maintenance (budget 1% of home value/year), and utilities. Total housing costs are typically 1.5-2x the base mortgage payment.
Every 1% rate increase reduces buying power by roughly 10%. At 6% rate, a $2,000 payment affords ~$333K. At 7%, the same payment affords ~$300K. Rate changes have a significant impact on how much house you can afford.