House Affordability Calculator
Find the home price you can afford based on income and debts.
Home price you can afford
$364,556
28/36 rule, 30-year loan
Max monthly housing
$2,567
Loan amount
$304,556
Down payment
16.5%
Assumes ~25% of the housing budget covers taxes and insurance. Lenders may approve more — that doesn't mean you should borrow it.
The 28/36 rule
Lenders' classic guideline caps housing costs at 28% of gross monthly income and all debt payments at 36%. The binding constraint is whichever is lower — existing car loans and student debt directly shrink the mortgage you qualify for.
Qualify for vs. comfortable with
Approval limits assume gross income; your budget runs on net. Many buyers target 25% of take-home pay instead, leaving room for maintenance (≈1% of home value yearly), utilities, and savings. A bigger down payment raises the price ceiling dollar-for-dollar.
Frequently asked questions
How much house can I afford on my salary?
A common guideline caps total housing costs at 28% of gross monthly income and all debt payments at 36% (the 28/36 rule). This calculator applies both and returns the lower — your existing car loans and student debt directly reduce the mortgage you'll qualify for.
Does a bigger down payment let me afford more?
Yes, dollar-for-dollar — the down payment adds directly to the price you can reach on top of the loan you qualify for, and 20% down avoids PMI and earns better rates. It also lowers the monthly payment, freeing room under the affordability caps.
Should I borrow the maximum I qualify for?
Usually not. Approval limits are based on gross income, but you live on take-home pay. Many buyers target 25% of net pay for housing instead, leaving room for maintenance (about 1% of home value yearly), utilities, and savings that lenders don't factor in.
Related calculators
Mortgage Calculator
Estimate your monthly mortgage payment with taxes, insurance, and a full amortization schedule.
Loan Calculator
Work out payments, total interest, and payoff time for any fixed-rate loan.
Compound Interest Calculator
See how savings and investments grow with compounding over time.
Auto Loan Calculator
Estimate car payments including trade-in value, sales tax, and dealer fees.