Finance

Home Affordability Calculator

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

Annual Gross Income ($)

Monthly Debts ($)

Car, student loans, credit cards

Down Payment ($)

Interest Rate (%)

Loan Term (years)

Max DTI (%)

Conventional: 36%, FHA: 43%

Property Tax Rate (%/yr)

Insurance ($/yr)

Method:
Max Housing Payment = (Income/12 × Max DTI%) − Other Debts
Max Mortgage = Payment × [(1−(1+r)^−n)/r]
Max Home Price = Mortgage + Down Payment

Affordability Rules of Thumb

28/36 Rule: Housing ≤28% of gross income, total debt ≤36%
3x Income: Home price ≤3x annual income (conservative)
20% Down: Avoids PMI on conventional loans