Free Home Affordability Calculator

Estimate how much house you can afford based on your income, debts, down payment, mortgage rate, property taxes, insurance, and debt-to-income ratios.

Your Home Buying Details

Annual Gross Income ($)Other Monthly Debt Payments ($)Available Down Payment ($)Mortgage Interest Rate (%)Mortgage Term (Years)Annual Property Tax Rate (%)Annual Homeowners Insurance ($)Estimated Annual PMI Rate (%)Maximum Housing DTI (%)Maximum Total DTI (%)

Your Affordability Estimate

Estimated Maximum Home Price

$286,855

Estimated Mortgage Amount

$246,855

Estimated Monthly Housing Budget

$2,100

Monthly Principal & Interest

$1,560

Monthly Property Taxes

$287

Monthly Homeowners Insurance

$150

Estimated Monthly PMI

$103

Total Estimated Monthly Housing Cost

$2,100

Housing Debt-to-Income Ratio

28.0%

Total Debt-to-Income Ratio

34.7%

How Much House Can You Afford?

Home affordability depends on your income, existing monthly debts, down payment, mortgage interest rate, and ongoing housing expenses.

This calculator uses adjustable housing and total debt-to-income limits to estimate an affordable purchase price. The default 28% and 36% limits are traditional budgeting guidelines, not universal mortgage qualification requirements.

Frequently Asked Questions

What is debt-to-income ratio? DTI compares monthly debt obligations with gross monthly income. Mortgage lenders may use DTI when evaluating loan applications.

Does the calculator include PMI? Yes. It estimates PMI when the down payment is less than 20% of the purchase price. Actual mortgage insurance rules and costs vary.

Is the estimated home price guaranteed? No. Lenders also consider credit history, assets, employment, loan programs, and other underwriting requirements.

Educational estimates only. Results exclude HOA fees, maintenance, utilities, purchase closing costs, and changes in taxes or insurance. The calculation assumes a fixed-rate mortgage and a down payment applied to the purchase price. Actual affordability may differ.