Home Affordability Calculator
Find out how much house you can afford based on your income, debts and down payment.
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Frequently Asked Questions
How much house can I afford on my salary?
A common rule is the 28/36 rule: spend no more than 28% of gross monthly income on housing and 36% on total debt. On a $90,000 salary that is $2,100/month for housing. With a 6.75% rate on a 30-year loan this supports a mortgage of about $325,000.
What is the 28/36 rule for buying a home?
The 28/36 rule states your mortgage payment should not exceed 28% of gross monthly income (front-end DTI) and all debt payments should not exceed 36% (back-end DTI). This is a conservative guideline; FHA loans allow higher ratios, up to 31% front-end and 43% back-end.
What costs beyond the mortgage should I budget for?
Beyond your mortgage budget for: property taxes (0.5-2.5% of home value annually), homeowners insurance (~$1,200-$2,500/year), HOA fees if applicable, PMI if down payment is under 20% ($50-$200/month), maintenance (1-2% of home value/year) and utilities.