Home Affordability Calculator
Find out how much home you can afford based on your income, debts, and down payment.
Maximum Home Price
$410,718
Max monthly payment: $2,333
Affordability Breakdown
Gross Monthly Income$8,333
Max Housing (28% of income)$2,333
Monthly Debts-$500
Max Mortgage Payment$2,333
Down Payment$60,000
Max Loan Amount$350,718
Max Home Price$410,718
The 28/36 Rule Explained
Lenders use the 28/36 rule to determine how much you can borrow. Your total housing costs (mortgage, taxes, insurance) should not exceed 28% of gross monthly income. Your total debt payments (housing + car, student loans, credit cards) should not exceed 36%.
These are guidelines, not hard limits. Some lenders will approve loans up to 43% DTI (debt-to-income ratio) for well-qualified borrowers, and some loan programs allow even higher ratios.
Beyond the payment itself, budget for property taxes (0.5–2.5% of value annually), homeowners insurance ($100–300/month), maintenance (1% of value annually), and PMI if your down payment is less than 20%.