Affordability Calculator

Find out how much house you can afford based on your income and financial situation.

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

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Monthly Costs to Include

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You Can Afford Up To
$340,000
Estimated Monthly Payment
$1,983

Qualification Details

Maximum Loan Amount $290,000
Front-End DTI (Housing) 28%
Back-End DTI (Total Debt) 36%
Monthly Gross Income $7,083
The 28/36 Rule

Lenders typically want your housing costs to be no more than 28% of your gross income, and your total monthly debt to be no more than 36%.

How This Calculator Works

This affordability calculator uses the standard 28/36 rule that most lenders follow:

  • Front-end ratio (28%): Your monthly housing costs (mortgage, taxes, insurance) should not exceed 28% of your gross monthly income.
  • Back-end ratio (36%): Your total monthly debt payments (housing + other debts) should not exceed 36% of your gross monthly income.

The calculator determines the maximum home price by finding the loan amount that keeps both ratios within these limits.

Factors That Affect Affordability

  • Credit Score: Higher scores qualify for lower interest rates
  • Down Payment: Larger down payments mean smaller loans and no PMI
  • Debt Load: Lower monthly debts increase buying power
  • Interest Rates: Lower rates significantly increase affordability
  • Location: Property taxes and insurance vary by area