FREE HOME DECISION TOOL

Home Affordability Calculator

Estimate a practical home-price range from household income, monthly debts, down payment, mortgage rate, taxes, insurance, maintenance, and debt-to-income limits.

Free to useGuided field explanationsYour inputs stay on your device

YOUR NUMBERS

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Gross monthly household incomeHousehold income before taxes and payroll deductions.

Why it matters

Income sets the top of the planning range, while monthly debts reduce the room available for housing.

Monthly debt paymentsRequired monthly payments for credit cards, vehicles, student loans, and similar obligations.

Why it matters

Higher debts reduce estimated affordability even if your income stays the same.

Available down paymentCash you could apply to the purchase before keeping emergency and closing reserves.

Why it matters

It increases purchasing capacity, but using every dollar can leave you exposed after closing.

Interest rateThe annual interest percentage charged on the mortgage balance.

Why it matters

Rate and loan size work together: even a small rate change can materially move the monthly payment.

Loan termThe number of years used to repay the new loan.

years

Why it matters

A longer term usually lowers the monthly payment but can increase total interest.

Property tax rateAnnual property tax divided by property value.

Why it matters

The rate converts the estimated home price into a tax cost, so price and tax rate move together.

Monthly homeowners insuranceYour homeowners insurance estimate; this is separate from mortgage insurance.

Why it matters

Insurance adds to the all-in payment and often varies with property type, location, and coverage.

Monthly mortgage insuranceA lender-provided monthly private mortgage insurance or government mortgage insurance estimate.

Why it matters

Mortgage insurance protects the lender, not the borrower, and raises the payment while it applies.

Monthly HOA / assessmentsAny recurring homeowners or condominium association charge.

Why it matters

HOA dues raise the monthly cost but do not build equity or reduce the loan.

Monthly maintenance reserveMoney reserved each year for repairs, replacements, and upkeep.

Why it matters

A larger reserve raises the honest monthly cost but reduces the chance that repairs break your budget.

Housing budget limitThe share of gross monthly income reserved for the complete housing obligation in this planning scenario.

% of gross income

Why it matters

A lower limit produces a more conservative price ceiling. It is a planning input, not an underwriting approval rule.

Total debt budget limitThe share of gross income available for housing plus other required monthly debt.

% of gross income

Why it matters

Existing debts reduce the housing room permitted by this limit.

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CALCULATOR GUIDE

How to use the home affordability calculator

This calculator translates a monthly housing budget into an estimated home-price range. It considers both a housing-only limit and a total-debt limit, then includes recurring ownership costs that simpler affordability estimates may omit.

Key assumptions and limitations

Gross income and recurring monthly debts are entered accurately.
The entered debt-to-income limits are planning thresholds, not lender approval criteria.
Rates, taxes, insurance, maintenance, and mortgage insurance may change before purchase.

Common questions

Is the result a mortgage preapproval?

No. It is a planning estimate and does not evaluate credit, reserves, loan eligibility, or lender-specific underwriting.

Why can my result differ from a lender calculator?

Different tools may use different debt limits, tax rates, insurance costs, mortgage-insurance assumptions, or loan programs.

Educational estimates only. Verify important home, lending, insurance, tax, and legal decisions with the appropriate qualified professionals.

Home Affordability Calculator

Tell us what you know today.

How to use the home affordability calculator

Key assumptions and limitations

Common questions

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