Affordability Calculator

How Much Can I Afford?

Banks use a simple formula to decide how much they’ll lend you. This tool uses the same formula — so you know your budget before you start house hunting.

What you’ll need: Your monthly income (before taxes), monthly debt payments (car, student loans, credit cards), and how much you’ve saved.

What you’ll get: Three price ranges — a safe budget, a comfortable budget, and the maximum a bank would consider. Plus how much total cash you’d need.

Uses today’s real mortgage rate from the Federal Reserve — not a guess.

Higher credit saves you 0.25% on your rate → Your rate: 6.50%
Adjustments based on Fannie Mae Loan-Level Price Adjustments (LLPAs)
Using national avg: 1.10% property tax rate
Sleep-Easy
25% of income to housing + debt
$150,490
P&I: $856/moPMI: $62/moTotal housing: $1,100/mo
Assumes 1.10% tax (national avg) + 0.35% insurance + 0.55% PMI (drops at 20% equity)
Conservative — leaves plenty of breathing room
ComfortableRECOMMENDED
28% of income to housing + debt
$175,116
P&I: $996/moPMI: $72/moTotal housing: $1,280/mo
Assumes 1.10% tax (national avg) + 0.35% insurance + 0.55% PMI (drops at 20% equity)
Standard guideline — used by most lenders
Stretch
36% of income to housing + debt
$240,784
P&I: $1,370/moPMI: $99/moTotal housing: $1,760/mo
Assumes 1.10% tax (national avg) + 0.35% insurance + 0.55% PMI (drops at 20% equity)
Guideline — tight budget, less flexibility (automated underwriting may approve higher)

You’ll need roughly

$34,765
10% down + 3% closing costs (ClosingCorp avg) + $12,000 buffer (~3 mo expenses)

You currently have $50,000 saved — you’re covered

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YOUR NEXT STEPS
See how much to save

You know your price range — now see the total cash you need.

See how much to save →
See the real monthly cost

The mortgage payment is just the start — see every hidden cost.

See the real monthly cost →

These estimates use standard lending guidelines and do not account for all factors. Consult a mortgage lender for personalized pre-approval.

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