How Much House Can I Afford?
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A loan affordability calculator determines the maximum loan amount you qualify for, given your income, existing debts, and the lender's debt-to-income (DTI) limits. Banks typically require total monthly debt payments to be below 36–43% of gross monthly income.
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Tip: Pay down high-balance revolving debt before applying for a mortgage. Each $1,000 reduction in monthly debt payments adds roughly $10,000–$15,000 to your maximum loan amount.
- 1Max monthly payment = Gross monthly income × DTI limit − Existing monthly debts
- 2Maximum loan = Monthly payment × ((1 − (1+r)^(−n)) / r)
- 3Front-end DTI: housing costs only ≤ 28% of income
- 4Back-end DTI: all debts ≤ 36–43% of income (lender-dependent)
$6,000/month income, $400 car payment, 36% DTI, 7%, 30yr=Max loan: ~$250,000Max payment: $1,760, net of car: $1,360
| Annual Income | 36% DTI | 43% DTI |
|---|---|---|
| $50,000 | $153,000 | $182,000 |
| $75,000 | $230,000 | $274,000 |
| $100,000 | $306,000 | $366,000 |
| $150,000 | $460,000 | $549,000 |
| $200,000 | $613,000 | $732,000 |
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Fun Fact
FHA loans allow a back-end DTI up to 57% in some cases. Conventional loans capped at 43–45%. VA loans have no strict DTI limit — they focus on residual income (what's left after all bills).
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