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Affordability Calculator
Turn your income, debts, down payment and DTI limit into the maximum home price you can afford.
Affordability calculator
Maximum housing payment: —
Maximum home price: —
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How to use the Affordability Calculator
- Enter your annual income, monthly debts and the down payment you have.
- Set the interest rate, loan term and the debt to income limit your lender uses.
- Read the maximum home price and the monthly payment breakdown.
Features
- Maximum home price from a DTI limit
- Monthly principal and interest
- Taxes, insurance and fee allowance
- Full monthly payment breakdown table
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Frequently Asked Questions
Common questions about the free online affordability calculator.
The loan is the present value of the affordable payment, loan = payment x (1 - (1 + i) ^ -n)
/ i, then the down payment is added.
DTI is your total monthly debt payments divided by gross monthly income. Most lenders prefer
a figure at or below 36 to 43 percent.
Housing costs plus car loans, student loans, credit card minimums and personal loans all
count. Groceries and utilities do not.
Conventional loans often ask for 5 to 20 percent, FHA loans about 3.5 percent, and 20 percent
down avoids mortgage insurance.
Existing debts, a high rate or a tight DTI limit all cut the payment you can carry, and a
smaller payment buys a smaller loan.
Principal and interest, plus the allowance you enter for property taxes, insurance and fees.
The total must fit your DTI limit.
No. Closing costs are usually 2 to 5 percent of the price, so budget for them on top of the
down payment you enter.
A higher rate raises the payment for the same loan, so the affordable price falls. Even half
a point moves the number.
No. It is an estimate from your figures and the DTI limit you choose. A lender will also
check credit history and reserves.
Last updated: October 10, 2026