🏡 Home Affordability Calculator
Estimate how much house you can afford using your income, monthly debt, down payment, mortgage rate, property taxes, insurance, HOA fees, and PMI. This calculator focuses on the real monthly housing cost buyers actually face.
Monthly Payment Breakdown
How to Use This Calculator
- Enter your annual household income before taxes.
- Add monthly debt payments such as car loans, student loans, credit cards, and personal loans.
- Enter your down payment and mortgage assumptions.
- Include taxes, insurance, HOA, and PMI so your estimate reflects real housing costs.
- Click Calculate to see a practical home price estimate and monthly payment breakdown.
Example: $90,000 Income With $500 Monthly Debt
A buyer earning $90,000 per year has about $7,500 in gross monthly income. With $500 in existing debt, a $60,000 down payment, and a 6.5% mortgage rate, affordability depends heavily on total monthly housing costs.
🏡 Affordability Snapshot
- Gross monthly income: $7,500
- Target housing budget at 28%: $2,100/month
- Total debt limit at 36%: $2,700/month
- After $500 of existing debt, housing budget is capped near $2,200/month
- Taxes, insurance, HOA, and PMI reduce the loan amount the same monthly budget can support.
Why Use This Calculator?
Includes more than principal and interest, so you can see a fuller PITI-style payment.
Accounts for existing monthly debts that reduce mortgage affordability.
Uses front-end and back-end DTI rules of thumb to estimate a practical range.
Everything runs in your browser. No account, no saved financial profile.
Common Mistakes
Forgetting taxes and insurance. A mortgage payment without property taxes and insurance can make a home look more affordable than it really is.
Ignoring HOA fees. A $300 monthly HOA can reduce affordability by tens of thousands of dollars.
Underestimating PMI. If your down payment is below 20%, PMI can add a meaningful monthly cost.
Buying at the absolute maximum. Leave room for repairs, utilities, emergency savings, and retirement contributions.
Frequently Asked Questions
How much house can I afford?▼
What payment does this calculator include?▼
What is DTI?▼
Does this replace lender pre-approval?▼
Should I use the maximum affordable price?▼
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