Mortgage Affordability Calculator

Mortgage Affordability Calculator — Calculate How Much House You Can Afford

Calculate how much house you can afford based on your income, debts, down payment, and current mortgage rates. Plan your home purchase wisely.

Step 1: Income & Debt

Annual Gross Income

$75,000

Monthly Debt Payments

$500

Down Payment Amount

$30,000

Credit Score

Income Guidelines

Lenders typically recommend your monthly mortgage payment should not exceed 28% of your gross monthly income, and total monthly debt should not exceed 36%.

Step 2: Mortgage Terms

Interest Rate (%)

4.5%

Loan Term (Years)

Annual Property Tax

$3,000

Annual Home Insurance

$1,200

Currency

About Mortgage Affordability

Your credit score affects your interest rate. Higher scores typically get better rates. Property taxes and insurance are often included in monthly payments.

Mortgage Affordability Results

Summary

Term Comparison

Payment Breakdown

Maximum Affordable Home Price

$325,000

Based on $75,000 income and 4.5% interest rate

Monthly Payment (PITI)

$1,750

Total Interest Paid

$210,450

Down Payment %

9.2%

Debt-to-Income Ratio

34.5%

Loan Term Comparison

Loan Term	Monthly Payment	Total Interest	Total Cost

Monthly Payment Breakdown

Affordability Guidelines

28/36 Rule

Most lenders follow the 28/36 rule: Housing costs should not exceed 28% of gross monthly income, and total debt payments should not exceed 36% of gross monthly income.

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