Mortgage affordability calculator
How much house your income and debts support.
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How it's calculated
Lenders cap your total monthly debt at a share of gross income, 36% as the usual rule and up to 43% on some programs. Take that share of monthly income, subtract the debts you already pay, and what is left is the housing payment you can carry: principal, interest, tax and insurance. The tool then works backwards. Principal and interest is the loan times a payment factor from the rate and term; tax is a share of the price, which is the loan plus the down payment; insurance is fixed. Solving for the loan and adding the down payment gives the price. Half a percent on the rate moves the answer by about 5%.
How much house can I afford on $100,000 a year?
At 6.5% with $500 of other debts and $40,000 down, about $360,000 under the 36% rule: a $2,500 monthly housing budget, of which roughly $2,000 is the mortgage payment. At 5.5% it rises to about $385,000; with no other debts, to about $420,000.
What is the 28/36 rule?
Housing costs should stay under 28% of gross income and all debts under 36%. This tool applies the all-debts limit, which binds for most people with a car payment or student loan. If you have no other debts, the 28% housing cap is the one to check: set the lender limit to 30% to approximate it.
Should I borrow the maximum?
Usually not. The limit is what a lender will approve, not what leaves room for savings, childcare, repairs and a job change. Many planners suggest keeping the housing payment to 25% of take-home pay, which lands well below the lender figure.
Results are estimates for informational purposes only and are not financial, medical or legal advice.