Mortgage Affordability Calculator
Estimate how much house you can afford based on your income, debts, and down payment.
Your Finances
Car loans, credit cards, student loans, etc.
Loan Details
30 Years
Estimated Budget
$241,495
Maximum affordable home price
Monthly Payment Breakdown
Total Estimated Payment: $1,750
Principal & Interest$1,400
Taxes & Insurance (Est.)$350
Based on the 28/36 Rule
This estimate uses the standard 28/36 rule, where no more than 28% of your gross income goes to housing, and no more than 36% goes to total debts.
What is a Mortgage Affordability Calculator?
A mortgage affordability calculator estimates how much home you can realistically afford based on your financial situation. By entering your income, monthly debts, and planned down payment, it applies common lending guidelines, such as the 28/36 rule, to estimate a maximum home price and an expected monthly mortgage payment. This helps you set a practical budget before starting your home search.
How to Use This Tool
- Enter Your Income: Input your total gross (pre-tax) annual income.
- Add Monthly Debts: Include recurring monthly debt payments such as car loans, student loans, and credit card minimums. Do not include rent or current housing costs.
- Set Loan Details: Adjust the down payment percentage, estimated interest rate, and loan term in years.
- Review Your Budget: The calculator will instantly show the estimated home price you may afford and a breakdown of your projected monthly mortgage payment.