Enter your monthly household income, your down payment, your monthly expenses, and your interest rate to see how much house you can afford!
How much can I afford?
This interactive affordability calculator is designed to help you determine how much house you can afford.
Figuring out what you can afford is the first key step in the home-buying process. While lenders can prequalify you for a mortgage, affordability calculators provide you with a rough estimate of how much they may loan you.
To calculate how much mortgage you can afford, simply enter your down payment amount, your gross monthly income, any regular monthly payments you need to make, and adjust the loan terms from 15-, 25-, and 30-year mortgages. With these details plugged in, the affordability calculator will provide you with conservative and aggressive loan estimates. But remember, these affordability calculator estimates are used as a general guide – homebuyers need to keep many other factors in mind when determining how much they can responsibly afford.
With a sound estimate of how much mortgage you can commit to, you can begin to look at listings within that price range.
Veterans and Military Families: You've Earned VA Homebuying Benefits
Use the VA loan benefits earned through your military service to buy a home with $0 Down. Check now to see if you're eligible!
Frequently asked questions
To determine how much they’re willing to lend you, lenders will assess your finances, including your income, credit score, debt-to-income ratio, down payment, and the terms of your loan.
Lenders focus on key fixed expenses, but homebuyers need to consider other costs such as childcare, travel, and lifestyle, along with their financial stability and level of comfort with managing debt.
If you’d like to borrow more than what the calculator suggests and what you’ve pre-qualified for, earning more income, saving for a bigger down payment, or reducing your debt can boost how much you can borrow.
It’s a rule of thumb that lenders use – the rule suggests that no more than 28 percent of your gross monthly income should be allocated to your housing expenses, while your overall debt, including your mortgage, should not be more than 36 percent.