Home Affordability Calculator
Calculate how much house you can afford based on your income
Loan Details
Typical: 5.5% - 8%
Loan Summary
Loan Details
Financial Disclaimer
This calculator provides estimates for informational purposes only. Actual loan terms, rates, and payments may vary. This is not financial advice. Consult with a qualified financial advisor or lender for specific guidance. PayoffCalculator.io is not a lender and does not provide loans.
How to Use This Home Affordability Calculator
Enter your annual income, monthly debt payments, available down payment, expected interest rate, and estimates for property tax and insurance. The calculator shows how much home you can afford.
Understanding Home Affordability Loans
Affordability is based on income, debts, and standard lending ratios. Lenders want your housing payment under 28% of income and total debts under 36%. The higher your down payment, the more home you can afford.
Tips for Getting the Best Home Affordability Rate
Get pre-approved to know your exact budget. Leave room for repairs and emergencies. Consider total monthly costs including utilities and maintenance. A more affordable home can reduce financial stress.
Frequently Asked Questions
A common rule is 2.5-3x your annual income. However, actual affordability depends on down payment, interest rates, other debts, and property taxes in your area. Lenders typically want total housing costs under 28% of gross income.