Home Affordability Calculator

About this calculator

This calculator applies the classic mortgage 28/36 rule: your housing payment (principal, interest, taxes, and insurance) should generally stay at or below 28% of gross monthly income, while total debt payments stay below 36%. From that affordable monthly payment, it works backward through the loan's interest rate and term to solve for the maximum home price your down payment and income can support.

First-time buyers use it before house-hunting to set a realistic price range, and mortgage lenders use the same debt-to-income logic during pre-approval to decide how large a loan they'll actually offer. Because the result shifts a lot with interest rates, it's worth rerunning whenever rates move or you're comparing a 15-year versus 30-year term.