Discover your true home-buying power based on income, debts, and lending standards.
This mortgage affordability calculator helps you estimate how much house you may be able to afford based on your income, existing monthly debt, down payment, interest rate, loan term, property taxes, and homeowners insurance. It uses common lender guidelines, including the 28/36 debt-to-income rule, to show a more realistic affordability range.
Unlike a basic home affordability calculator, this tool considers both front-end and back-end debt-to-income ratios. That means it looks at not only your potential housing costs, but also how your current debts can affect mortgage approval. This gives you a better estimate of your maximum home price, monthly payment, and overall borrowing comfort.
Use this calculator as a starting point before applying for a mortgage. Actual approval amounts may vary based on your credit score, cash reserves, loan program, private mortgage insurance, and lender-specific underwriting standards.
Your salary is one of the biggest factors in mortgage affordability, but lenders also look at monthly debts, down payment, interest rate, taxes, insurance, and your debt-to-income ratio. This calculator combines those inputs to estimate a more realistic maximum home price.
The 28/36 rule is a common lending guideline. It suggests spending no more than 28% of gross monthly income on housing costs and no more than 36% on total debt payments combined. This calculator uses that framework to estimate affordability.
Yes. A larger down payment reduces the loan amount you need, which can lower your monthly mortgage payment and increase your buying power. It may also help you avoid private mortgage insurance in some situations.
Absolutely. Property taxes and homeowners insurance are part of your total monthly housing cost. Even if the mortgage principal and interest seem affordable, higher tax or insurance costs can reduce the home price you can reasonably afford.
No. This is an estimate only. A mortgage pre-approval is issued by a lender after reviewing your income, debts, credit profile, assets, and other documentation. Use this calculator to plan, then confirm numbers with a lender.
Minimum credit score requirements depend on the loan type and lender. Conventional, FHA, VA, and other mortgage products can each have different standards. A stronger credit score may improve approval odds and help you qualify for better rates.