House Affordability Calculator
Calculate how much house you can afford with this free online house affordability calculator — income, debts, down payment, rate, taxes, insurance and PMI.
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How to use House Affordability Calculator
- 1Enter your gross annual income, monthly debt payments and down payment
- 2Add the interest rate, loan term, property tax, insurance, HOA and PMI rate
- 3Compare the conservative, standard (28/36) and stretch budgets, and see the monthly payment breakdown
Frequently asked questions
How much house can I afford?▾
A common rule is that housing costs (mortgage, tax, insurance, HOA) should stay under 28% of your gross monthly income and all debts under 36%. On a $100,000 salary with $500 of monthly debts, 6.5% interest and $60,000 down, that works out to a home of roughly $340,000.
What is the 28/36 rule?▾
Lenders like your front-end ratio (housing costs ÷ gross monthly income) to be 28% or less and your back-end ratio (housing plus all other debt payments ÷ gross income) to be 36% or less. Some loan programs, such as FHA, allow up to about 31% and 43%.
How much house can I afford on a $100k salary?▾
Roughly $300,000–$400,000 depending on your debts, down payment and interest rate. $100,000 a year is $8,333 a month, so 28% allows about $2,333 a month for all housing costs.
What is PMI and how do I avoid it?▾
Private mortgage insurance is charged on conventional loans when you put down less than 20%. It usually costs 0.3–1.5% of the loan per year. A 20% down payment avoids it, and it can be removed once you reach 20% equity.
Does the price include closing costs?▾
No. Closing costs are usually 2–5% of the purchase price and are paid separately, along with moving costs and an emergency fund. Keep cash for those on top of your down payment.
Should I buy the most expensive house I qualify for?▾
Not necessarily. The maximum a lender approves can leave little room for savings, repairs and other goals. Many people aim for the conservative budget so the payment stays comfortable if expenses rise.
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