How much house can you afford?

How Much House Can You Afford?

The affordability calculator is calculated based on the percentage of your income spent on monthly debt. Most lenders limit how much of your monthly income can pay debt such as mortgage payments, car loans, and student debt (this is called Debt to Income ratio). The conventional limit is 36% of your monthly income, but this could be higher for FHA loans. Your remaining income after debt and taxes should be enough to cover living expenses and savings goals. It is also wise to have cash set aside to pay for any large unexpected repairs or financial emergencies.

Annual Income:

Monthly Debt (car payments, credit cards, student loan payments, etc.):

Down Payment:

Property Tax Rate (1% = $1000 per year for a $100,000 house):

Home Insurance Rate (0.5% = $500 per year for a $100,000 house):

Interest Rate:

Length of Loan (years):

The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Results should be discussed with a qualified professional before any product purchases or loan commitments are made. Calculators are not a guarantee of credit.