House Affordability Calculator
Estimate the home price you can afford based on your income and debts
About this Tool
The House Affordability Calculator helps you estimate the maximum home price you can likely afford based on your income, monthly debts, down payment, and expected interest rate. It uses the common 28/36 rule to determine a reasonable mortgage payment, giving you a strong starting point for your home search.
Common Use Cases
First-Time Home Buyers
Get a realistic idea of your budget before you start looking at properties.
Budget Planning
Understand how your income, debts, and down payment affect your home-buying power.
Mortgage Pre-Qualification
Prepare for discussions with lenders by knowing what you can realistically borrow.
Pro Tips
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Improve Your DTI Ratio
Paying down other debts (like car loans or credit cards) can increase the amount you can afford for a mortgage payment.
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Factor in Other Costs
Remember that your monthly housing cost will also include property taxes, homeowners insurance, and potentially PMI, which are not included in this basic calculation.
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Save for a Larger Down Payment
A larger down payment reduces your loan amount, lowers your monthly payment, and can help you avoid Private Mortgage Insurance (PMI).