Home Affordability Calculator

Home 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 interest rates. Determine your monthly mortgage payment and budget.

Step 1: Income & Expenses

Annual Gross Income

$75,000

Monthly Debts (Car, Credit Cards, etc.)

$500

Credit Score

Down Payment Amount

$20,000

Understanding Home Affordability

Most lenders recommend that your monthly mortgage payment should not exceed 28% of your gross monthly income, and total debt payments should stay below 36%.

Step 2: Loan Terms & Taxes

Interest Rate (%)

4.5%

Loan Term (Years)

Annual Property Tax ($)

Annual Home Insurance ($)

Currency

Show loan term comparison table

Show payment breakdown visualization

About Mortgage Calculations

Your total monthly payment includes principal, interest, property taxes, and insurance (PITI). Higher down payments reduce your loan amount and monthly payments.

Home Affordability Results

Summary

Loan Comparison

Breakdown

Affordable Home Price

$325,000

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

Monthly Payment

$1,450

Loan Amount

$305,000

Down Payment %

6.2%

Debt-to-Income Ratio

32%

Loan Term Comparison

Loan Term	Monthly Payment	Total Interest	Total Cost

Monthly Payment Breakdown

Affordability Formula

Maximum Monthly Payment = (Gross Monthly Income × 0.28) – Monthly Debts

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

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