Affordability Checker

Calculate how much house you can afford based on your income, expenses, and loan details

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About This Tool

This comprehensive affordability checker helps you determine exactly how much house you can afford based on your financial situation. Simply enter your monthly income, monthly expenses, desired down payment, expected interest rate, loan term, and additional costs like property tax, insurance, and HOA fees. The tool calculates your maximum affordable home price, detailed monthly payment breakdown, and provides clear affordability guidance to help with your home buying decision.

Save your calculation history with a free account

How to Use

Enter your gross monthly income
Input your total monthly expenses (excluding potential mortgage)
Specify your available down payment amount
Set your expected interest rate and loan term
Add estimated property tax, insurance, and HOA fees if applicable
Click 'Calculate Affordability' to see results
Review the detailed monthly payment breakdown and affordability status

Frequently Asked Questions

Find Quick Answers

What is the 28/36 rule used in this calculator?

The 28/36 rule is a common mortgage qualification guideline where housing expenses should not exceed 28% of gross monthly income, and total debt payments (including housing) should not exceed 36% of gross monthly income.

What expenses should I include in the monthly expenses field?

Include all regular monthly expenses except your potential mortgage payment: car payments, credit card payments, student loans, utilities, groceries, transportation, insurance premiums, and other recurring bills.

How accurate is this affordability calculator?

This calculator provides a reliable estimate based on standard mortgage qualification guidelines. However, actual lender approval may vary based on credit score, employment history, debt-to-income ratio, and other factors not included in this calculation.

Can I adjust the calculations for different loan types?

This calculator uses standard fixed-rate mortgage calculations. For adjustable-rate mortgages (ARMs), FHA loans, or VA loans, the calculations may differ slightly due to different insurance requirements and qualification standards.

Need to run multiple calculations?

Create a free account today to unlock unlimited daily runs, access advanced parameters, save your history, and request custom features.

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