Estimate how much house you can afford from your income, debts, down payment and mortgage rate.
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Lenders commonly use two ratios: housing costs up to 28% of your gross monthly income, and all debt payments — housing included — up to 36%. The calculator takes the lower limit as your monthly housing budget, then finds the home price whose mortgage payment, property tax and insurance fit inside it.
Your down payment is added on top of the loan. Lenders also weigh your credit score, savings and job history, so treat the result as a starting point, not an approval.
budget = min(28% × income ÷ 12, 36% × income ÷ 12 − monthly debts)
price = (budget − insurance + down × f) ÷ (f + t)
f is the monthly mortgage payment per unit borrowed and t the monthly property-tax rate.
With 300 of monthly debts, 40,000 down, a 6.5% 30-year mortgage, 1.2% property tax and 1,500 a year for insurance, the budget is 2,100 a month (the 28% limit). That affords a home of about 304,320, with a 264,320 loan and a 1,670.68 mortgage payment.
At 900 of monthly debts the 36% rule leaves only 1,800 for housing, so debts — not income — cap the price.
A long-standing lending guideline: spend at most 28% of gross income on housing and 36% on all debts. Some loan programs allow higher ratios; staying lower leaves room for savings.
No. With less than 20% down, mortgage insurance usually applies, and HOA fees also count as housing costs — both lower the price you can afford.
Not necessarily. Leave room for maintenance (often 1–2% of the home value a year), an emergency fund and other goals. This isn't financial advice.
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