Home Affordability Calculator (embed)

Your income and debts

Gross annual income$Before tax. Include a co-borrower if you are buying together.Other monthly debts$/moCar payment, student loans, minimum card payments. Not rent or utilities.Cash for down payment$

The loan

Interest rate%Loan termyrsPMI rate%/yrApplies below 20% down. Percent of the loan per year.

Carrying costs

Property tax%/yrPercent of price per year. Check your county, it varies widely.Insurance$/yrHOA$/mo

Lender ratios

Front-end DTI cap%Housing payment as a share of gross income. 28% is the classic guideline.Back-end DTI cap%Housing plus all other debt. Many lenders allow 43% to 50%.

You can likely afford up to

$254,090

A home at this price puts your housing payment at $1,983 a month, right at your front-end limit.

Max monthly payment$1,983/mo

Principal, interest, taxes, insurance, HOA, and PMI combined.

Binding limitFront-end DTI

Your income caps you before your other debts do.

Front-end ceiling$1,983/mo

28% of gross monthly income.

Back-end ceiling$2,596/mo

43% of income, less your $450 of other debt.

Loan amount$229,090

Down payment$25,000 (9.8%)

Below 20%, so PMI is included in the payment above.

Principal and interest$1,486/mo

Property tax$233/mo

Insurance$150/mo

PMI$115/mo

Estimates only, for education. This is the ratio math a lender runs, but a real approval also weighs credit score, employment history, reserves, and the loan program. Get a pre-approval before you shop. Comfortable and approvable are not the same number, and buying at your ceiling leaves no room for repairs.

Free home affordability calculator by Real Estate Explained. Estimates for planning, not loan quotes.