How Much House Can I Afford?
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A house affordability calculator determines the maximum home price you can comfortably purchase based on income, debts, down payment, and interest rate. Most lenders use the 28/36 rule: housing costs ≤28% of gross income, all debts ≤36%.
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Tip: Getting pre-approved before house hunting locks in your rate for 60–90 days and signals to sellers you're a serious buyer. Each percentage point in rate changes your payment by roughly $60/month per $100,000 borrowed.
- 128% rule: max mortgage payment = gross monthly income × 28%
- 236% DTI rule: all monthly debts ≤ 36% of gross monthly income
- 3Subtract property tax, insurance, and HOA from the housing budget
- 4Remaining amount determines maximum mortgage → work back to home price
$80,000 income, $500 other debts, 7% rate, 20% down=Max home ~$380,000Based on 28/36 rule
$120,000 income, no debts, 6.5% rate, 10% down=Max home ~$560,000
| Annual Income | Max Monthly PITI | Affordable Price |
|---|---|---|
| $60,000 | $1,400 | $210,000 |
| $80,000 | $1,867 | $280,000 |
| $100,000 | $2,333 | $350,000 |
| $150,000 | $3,500 | $525,000 |
| $200,000 | $4,667 | $700,000 |
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Fun Fact
The median US home price crossed $400,000 in 2022 for the first time. At a 7% mortgage rate, a buyer needs ~$90,000 in income just to qualify for the median home.
References
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