Calculators · Buying & Financing
Home Affordability Calculator
Find a home price range to explore based on income, monthly debts, debt-to-income limits, rate, taxes and insurance. A planning scenario, not a loan approval.
Loading the calculator. If it does not appear, make sure JavaScript is on, or call or text Michael at 832-797-3780.
How this calculator works
Lenders compare your housing payment and total monthly debts with your gross income. This calculator works backward from limits you choose to the highest price that fits, including taxes, insurance, HOA and mortgage insurance.
Your income and debts stay on your device. They are never put in share links, sent with a contact form or recorded in analytics.
- Housing budget = the lower of (income × housing limit) and (income × total-debt limit − other debts).
- The price is solved so that principal, interest, mortgage insurance, taxes, insurance and HOA equal that budget.
Worked example
Example values are illustrative, not quotes or market data. These are the numbers the calculator above starts with.
Inputs
- Housing cost limit (% of income)
- 28%
- Total debt limit (% of income)
- 36%
- Interest rate
- 6.5%
- Loan length
- 30 years
- Down payment as
- Percent of price
- Down payment %
- 5%
- Property tax rate (% of price per year)
- 2.2%
- Homeowners insurance per year
- $2,400
- HOA dues per month
- $0
Results
- Price
- $281,765
- Down payment
- $14,088
- Monthly housing cost
- $2,520
- Housing ratio
- 28.0%
- Total debt ratio
- 34.7%
Common questions
What debt-to-income ratio do lenders use?
It depends on the program and the lender's automated underwriting. The 28% and 36% defaults are traditional guidelines; many approvals go higher, and some go lower.
Is this a preapproval?
No. It is a planning scenario. A lender decides after reviewing your credit, income, assets and the property.
Should I buy at the top of the range?
Not necessarily. Leave room for savings, repairs and the rest of your budget.
Related calculators
- Mortgage Payment Calculator
- Rent vs Buy Calculator
- Buyer Cash to Close Calculator (Buyer Net Sheet)
- FHA Loan Calculator
- All calculators
Estimate only. Actual loan terms, eligibility, insurance, taxes, and settlement charges require verification. These are planning estimates, not a lender Loan Estimate, Closing Disclosure, appraisal, or approval. Michael O'Neal is a real estate broker, not a lender, appraiser, attorney or tax adviser.
Next step
Want a real financing quote? Connect with Home Front Mortgage.
Andrew Fairleigh, Mortgage Loan Originator, Home Front Mortgage, NMLS #1878546. (979) 595-8979 · [email protected]
Rates in these calculators are examples, not Home Front quotes. Your application goes to Home Front's secure site. Do not send financial documents through this website.
Affiliated business arrangement disclosure. This is to give you notice that some agents and owners at Keller Williams Realty Northeast, including Michael O'Neal, have a business relationship with certain providers of services related to your purchase, sale or refinance of real estate, including Home Front Mortgage and Keystone Title & Escrow. Because of this relationship, a referral may provide some owners and agents at Keller Williams Realty Northeast a financial or other benefit. You are NOT required to use either company as a condition for your purchase, your financing or refinance, or any other transaction related to a property. There are frequently other providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services. You will be given the written Affiliated Business Arrangement Disclosure, including estimated charges, to review and sign.