How Much Home Can I Afford?
Use our free calculator to determine your home buying budget. Get personalized results based on your income, debts, and credit score.
Your Financial Details
Car payments, student loans, credit cards, etc.
Maximum Home Price
$235,668
17% down payment
Monthly Payment Breakdown
Total Debt-to-Income Ratio
35.9%
Excellent
Includes housing + existing debts. Most lenders prefer below 36%.
Estimated Interest Rate
7.00%
Based on good (670-739) credit
Find counties where you can comfortably afford a home
Frequently Asked Questions
How much home can I afford with my salary?
A general rule is to spend no more than 28% of your gross monthly income on housing costs (including mortgage, taxes, and insurance). This calculator uses the standard debt-to-income ratios that most lenders require to help you determine a realistic budget.
What factors affect how much home I can afford?
Key factors include your annual income, existing monthly debts, down payment amount, credit score (which affects your interest rate), and your preferred loan term. Higher income and credit scores increase affordability, while existing debts reduce it.
Should I choose a 15-year or 30-year mortgage?
A 30-year mortgage has lower monthly payments but higher total interest costs. A 15-year mortgage has higher monthly payments but significantly lower total interest. Choose based on your monthly budget and long-term financial goals.
How does my credit score affect affordability?
Credit scores directly impact your mortgage interest rate. Higher scores (740+) get the best rates, while lower scores mean higher rates and higher monthly payments, reducing the home price you can afford.
What is debt-to-income ratio and why does it matter?
Debt-to-income (DTI) ratio compares your monthly debt payments to your gross monthly income. Lenders typically require a DTI below 36% for total debts, with housing costs below 28% of income.