Affordability Calculator
How Much House Can I Afford? PITI Affordability Calculator
Planning estimate
$250,723
$1,633
| Estimated mortgage amount | $200,579 |
|---|---|
| Estimated down payment | $50,145 |
| Principal & interest | $1,274.40/month |
| Property tax | $208.94/month |
| Homeowners insurance | $150.00/month |
| PMI | $0.00/month |
| HOA dues | $0.00/month |
This is a budgeting scenario, not a preapproval or underwriting decision. It excludes closing costs, maintenance, utilities, cash-reserve requirements and household goals.
This calculator turns a monthly housing budget into an estimated home price. It uses a 28% front-end ratio for housing and a 36% back-end ratio for housing plus recurring monthly debt, then applies the down payment and the full estimated monthly cost: principal, interest, property tax, homeowners insurance, PMI and HOA dues.
How to interpret the result
The estimate is a planning ceiling under the assumptions you entered—not a target price and not a lender decision. Underwriting also considers credit history, income stability, assets, loan program, cash reserves, property eligibility and other obligations. A comfortable budget should also leave room for closing costs, repairs, maintenance, utilities, savings and changes in taxes or insurance.
Make the inputs specific
- Include required payments for auto, student, personal and credit-card debt.
- Use a realistic down-payment percentage while keeping closing costs and reserves separate.
- Replace the national rate assumption with a lender quote when available.
- Use a property-specific tax rate and an insurance quote; statewide averages are only a starting point.
- Add PMI when the down payment is below 20% and enter any recurring HOA dues.
See the affordability formula, assumptions and test examples. To explore retained income scenarios, visit house affordability by income.
Frequently asked questions
How does this calculator decide what I can afford?
It looks at your income, monthly debts, down payment, and estimated rate, then applies standard lending guidelines like the 28/36 rule to estimate the maximum loan and home price you can reasonably support.
What is the 28/36 rule?
It is a common benchmark: aim to keep housing costs near 28% of gross monthly income and total debt payments near 36%. Staying within these ranges helps you qualify and keeps payments manageable.
How does my existing debt affect the result?
Monthly debts raise your debt-to-income ratio, leaving less room for a mortgage payment. Paying down loans or cards before applying can increase how much house you can afford.
How much should I put down?
A larger down payment lowers your loan amount and monthly payment, and putting down 20% typically avoids PMI. Even a smaller down payment can work, but it usually means a higher payment.
Is the maximum amount the amount I should borrow?
Not necessarily. The result is a ceiling based on guidelines, not a budget. Many buyers choose a payment below the max to leave room for savings, repairs, and other goals. See the full payment with our main calculator.
