Affordability
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Input your monthly household income, down payment, monthly expenses, and interest rate to calculate how much home you can afford!
How much can you afford?
This interactive affordability calculator is designed to help you estimate how much house you can afford.
Determining your budget is a crucial first step in the home-buying process. While lenders can prequalify you for a mortgage, affordability calculators give you a general idea of how much you may be able to borrow.
To use the calculator, enter your down payment, gross monthly income, regular monthly expenses, and choose from 15-, 25-, or 30-year loan terms. Based on this information, the calculator will provide both conservative and aggressive loan estimates. Keep in mind, these estimates are just guidelines—homebuyers should consider other factors when deciding how much they can responsibly afford.
Once you have a clear estimate of your mortgage capacity, you can start exploring listings within your price range.
Mortgage Calculator
- Principal and Interest
- Property Tax
- HOA fee
Lenders determine how much they’re willing to lend by evaluating your finances, including your income, credit score, debt-to-income ratio, down payment, and the terms of your loan.
If you want to borrow more than the calculator suggests or your pre-qualification amount, increasing your income, saving for a larger down payment, or lowering your debt can help boost your borrowing capacity.
While lenders focus on key fixed expenses, homebuyers should also consider additional costs like childcare, travel, and lifestyle, as well as their financial stability and comfort level with managing debt.
Lenders often follow a general rule of thumb: no more than 28% of your gross monthly income should go toward housing expenses, and your total debt, including your mortgage, should not exceed 36%.
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