Home affordability calculator

See the home price your income supports, using the same 28/36 debt-to-income limits a lender applies. Adjust your down payment, rate, and other debt to see what moves the number.

A household earning $150,000 with $500 a month of other debt and $60,000 down can afford about $466,996 at a 7% rate, with a monthly payment near $3,500.

Estimate what you can afford
Household income

Gross, before tax

$
Down payment
$
Other monthly debt

Car, student loans, card minimums

$
Mortgage rate
%
Property tax rate

Annual, as a share of home value

%
HOA dues

Monthly, if any

$
Loan term
Home price you can afford
$517,148

With $100,000 down, that is a $417,148 loan at 6.5% over 30 years.

Monthly payment
$3,500

Everything the lender counts as housing cost

Down payment
19.3%

Under 20%, so PMI applies

Debt-to-income
32%

Your income is the limit here

Where the payment goes
Principal and interest
$2,637
Property tax
$474
Homeowners insurance
$215
Mortgage insurance (PMI)
$174
Total
$3,500

Estimates only, not a lending decision or financial advice. Uses the conventional 28/36 debt-to-income limits, treats property tax and insurance as a share of home value, and applies PMI above 80% loan-to-value. Excludes closing costs, cash reserves, and any rate difference tied to your down payment or credit.

What different incomes can afford

Maximum home price and monthly payment by household income at 6% and 7% mortgage rates
Household incomePrice at 6%Payment at 6%Price at 7%Payment at 7%
$75,000$250,773$1,750$233,498$1,750
$100,000$334,364$2,333$311,331$2,333
$150,000$501,546$3,500$466,996$3,500
$200,000$668,729$4,667$622,662$4,667

Assumes a down payment of 40% of annual income, $500 a month of other debt, a 30-year term, 1.1% property tax, 0.5% insurance, and no HOA dues.

How the number is worked out

Start with gross monthly income. The front-end limit allows 28% of it for housing. The back-end limit allows 36% for housing plus every other debt payment, so your car loan and student loans come straight off the top. The smaller of the two is your housing budget.

That budget then has to cover more than the mortgage. Property tax, insurance, HOA dues, and PMI all come out of it first, and what is left supports the loan. Because tax and insurance scale with the house, a bigger purchase raises its own carrying cost, so the price is solved rather than divided out.

Two levers move the answer most. A lower rate buys more house for the same payment, and crossing 20% down removes PMI, which frees the whole premium to service the loan instead. Check what your equity looks like later with the home equity calculator , see how the same money compounds if invested instead with the compound interest calculator , or book a free consultation .

Frequently asked questions