Home affordability calculator
Estimate how much house you can afford based on your income, debts and down payment, using the 28/36 rule many lenders start from.
You could afford about
- Monthly payment
- Loan amount
- PMI included
The 28/36 rule: housing up to 28% of your gross monthly income, and all debts up to 36%. That caps your payment at a month.
Estimates only, for illustration.
How this calculator works
Enter your gross yearly income (before tax), your monthly debt payments, the down payment you have, and an expected interest rate, property tax, insurance and HOA.
The calculator finds your maximum housing payment, the lower of:
- 28% of your gross monthly income, or
- 36% of your gross monthly income, minus your other debt payments.
It then works out the most expensive home whose full monthly payment, including tax, insurance, HOA and PMI if you put down less than 20%, fits within that amount.
Keep in mind
- Monthly debts means minimum payments on car loans, student loans, credit cards and other loans, not everyday bills.
- Leave room for the rest of life. A payment that just fits the rule can still feel tight if you have childcare, high commuting costs or big savings goals.
- Get preapproved before you shop, so you know what a lender will actually offer.
Found a home? Use the mortgage calculator to check the payment.
Common questions
It's a common guideline for mortgage affordability. Your total housing payment, including tax and insurance, should be no more than 28% of your gross monthly income, and all your debt payments together no more than 36%.
Possibly. Many lenders allow higher debt-to-income ratios, especially with good credit. But being approved for a bigger loan doesn't mean the payment will be comfortable, so it's worth staying close to the 28/36 guide.
Your credit score affects your interest rate, and a lower rate means a bigger loan for the same payment. Also budget for closing costs, moving, furnishing and maintenance, which lenders don't count.