Mortgage Affordability Calculator
Enter your income, debts, down payment, rate, and term to see the maximum home price you can afford and your estimated monthly payment.
Your Financial Details
Before taxes. Combined if applying jointly.
Car loans, student loans, credit card minimums, etc.
Enter your details on the left and click Calculate.
Maximum Home Price
$0
Based on the 36% DTI limit
Est. Monthly Payment (P&I)
$0
Principal & interest only
Maximum Loan Amount
$0
Down: 0%
Debt-to-Income Breakdown
Calculation Summary
| Gross Monthly Income | — |
| Max Housing Payment (28% rule) | — |
| Existing Monthly Debts | — |
| Max Housing Payment (36% back-end rule) | — |
| Allowable Monthly Payment (lower limit) | — |
| Down Payment | — |
| Interest Rate / Term | — |
| Maximum Home Price | — |
PMI likely required. Your down payment is below 20% of the home price. Private mortgage insurance typically adds 0.5%–1.5% of the loan per year to your cost. Factor this into your budget.
Summary
Enter your income, debts, down payment, rate, and term to see the maximum home price you can afford and your estimated monthly payment.
How it works
- Enter your gross annual or monthly income before taxes.
- Add up your existing monthly debt payments (car loans, student loans, credit cards, etc.).
- Enter the down payment amount you plan to put toward the home.
- Set the annual interest rate and loan term in years.
- The calculator applies the 28% front-end and 36% back-end DTI limits to find your maximum allowable monthly housing payment.
- It then reverse-engineers the maximum loan amount and adds your down payment to show the maximum home price.
Use cases
- Estimating how much house you can afford before shopping for a home.
- Checking whether your current debts reduce your borrowing power significantly.
- Comparing loan terms (15-year vs 30-year) and how they affect affordability.
- Planning how large a down payment you need to reach a target home price.
- Understanding the impact of a lower interest rate on maximum purchase price.
- Pre-qualifying yourself before speaking with a mortgage lender.
- Helping first-time buyers set a realistic home search budget.
- Modeling scenarios where one spouse stops working and income drops.