House Affordability Calculator
Calculate how much house you can afford based on your income, monthly debts, down payment, and current interest rates.
Understanding Home Affordability
The 28/36 Rule:
- Front-end ratio: Housing costs should be 28% or less of gross income
- Back-end ratio: Total debt should be 36% or less of gross income
Factors Affecting Affordability:
- Credit score (affects interest rate)
- Down payment size
- Current debt obligations
- Local property tax rates
- PMI (if down payment is less than 20%)
Tips:
- Aim for 20% down to avoid PMI
- Do not forget closing costs (2-5% of home price)
- Budget for maintenance (1-2% of home value per year)
- Front-end ratio: Housing costs should be 28% or less of gross income
- Back-end ratio: Total debt should be 36% or less of gross income
Factors Affecting Affordability:
- Credit score (affects interest rate)
- Down payment size
- Current debt obligations
- Local property tax rates
- PMI (if down payment is less than 20%)
Tips:
- Aim for 20% down to avoid PMI
- Do not forget closing costs (2-5% of home price)
- Budget for maintenance (1-2% of home value per year)
? Frequently Asked Questions
How accurate is this
This calculator uses standard formulas and provides accurate results for typical use cases. For professional or critical applications, always verify results with certified professionals or official sources.
Is this calculator free to use?
Yes, this House Affordability Calculator is completely free to use with no registration required. You can use it as many times as needed without any limitations.
Can I use this on mobile devices?
Absolutely! This calculator is fully responsive and works perfectly on smartphones, tablets, and desktop computers.
How do I interpret the results?
The results are displayed clearly with appropriate units. Refer to the About This Calculator section for detailed information.