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Home Affordability Calculator

Explore home prices that are affordable for you based on your income, debts, and savings. See what a lender could prequalify you for.

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You can afford a home up to

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Estimates include principal, interest, property taxes, and homeowners insurance. Final approval subject to credit and asset verification.

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This is a great starting estimate. Get a firm pre-approval to make a strong offer.

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How It Works

This calculator uses the 28/36 rule, a common guideline used by lenders to determine how much you can afford. Here's how it works:

  • The 28% Rule (Front-End Ratio): Your total monthly housing payment (PITI) should not exceed 28% of your gross (pre-tax) monthly income.
  • The 36% Rule (Back-End Ratio): Your total monthly debt payments—including your new mortgage, car loans, credit cards, and student loans—should not exceed 36% of your gross monthly income.

Lenders will typically approve you for the lower of these two amounts to ensure you are not over-extended financially. Our calculator finds the maximum mortgage payment that fits within these ratios and then works backward to estimate the home price you can afford, factoring in your saved cash for a down payment. This estimate is a great starting point for your conversation with a licensed loan officer.

Home Affordability FAQs

What exactly is the 28/36 rule?
It's a conservative financial rule of thumb utilized by most mortgage lenders. It dictates that your housing costs shouldn't exceed 28% of your gross monthly income, and your total debt load (housing plus other debts like cars and student loans) shouldn't exceed 36%. While some loan programs (like FHA) allow you to stretch these ratios higher, 28/36 is the safest standard.
Does this calculator guarantee I will be approved?
No. This is purely an educational tool to give you a realistic budget target. A formal pre-approval requires an underwriter to verify your actual tax documents, run a hard credit check, and calculate exact property taxes and insurance for your target area.
Should I buy a house at the very top of my budget?
We generally advise against becoming "house poor." Just because a lender will approve you for a high amount doesn't mean you should spend it all. It is wise to leave a buffer in your budget for unexpected home maintenance, utility bills, and emergency savings.