A familiar situation
A lender’s maximum approval and your comfortable home budget can be different numbers. Change income, existing debt and down payment to see how the affordability estimate moves before browsing listings.
How to use this calculator
- Enter home price, down payment, mortgage rate and the remaining inputs.
- Select Calculate to see the answer and its breakdown.
- Keep a scenario, change an input and compare the results.
Use consistent units and check the assumptions below before applying the result.
How house affordability is calculated
This screen uses the entered income, debt and debt-cap assumption to translate a target monthly payment into a price estimate. Taxes, insurance and ownership costs can lower a real budget. Formula: Affordable P&I = max(0, income × entered debt cap − other monthly debt); price = supported loan + down payment. Use the displayed details to inspect the intermediate amounts and replace example assumptions with terms from your own quote or records.
Affordable P&I = max(0, income × entered debt cap − other monthly debt); price = supported loan + down payment.With $9,000 gross monthly income, $500 debt and a 36% cap, the available housing payment is $2,740.
Assumptions & useful context
Uses the entered 36.0% gross-income debt cap and omits taxes, insurance, maintenance and lender-specific rules.
Financial projections use your assumptions. Actual returns, lender terms, fees and tax rules can differ; these results do not guarantee a future outcome.
Frequently asked questions
House Affordability Calculator: what does the result include?
The monthly housing budget is gross income times the entered debt cap minus other monthly debt. The calculator then converts that payment into a loan amount and adds the down payment.
House Affordability Calculator: which assumptions matter most?
Property tax, homeowners insurance, mortgage insurance, utilities and maintenance reduce the room available for principal and interest.