Free Mortgage Affordability Calculator
Find out how much house you can afford based on your income, debts, and down payment. Uses the 28/36 debt-to-income rule.
USD
USD
Car payments, student loans, credit cards, etc.
USD
%
Affordable Home Price
$363,785
Maximum Loan Amount$313,785
Estimated Monthly Payment$1,983.33
Affordable Home Price vs Monthly Debt Payments
How Mortgage Affordability Is Calculated
Lenders use the 28/36 rule to determine how much you can afford:
The calculator takes the lower of these two limits and works backward to find the maximum loan amount you qualify for.
Example Calculation
You earn $85,000/year with $500/month in existing debts, $50,000 down payment, at 6.5% for 30 years.
- 01Monthly income: $85,000 / 12 = $7,083.33
- 0228% rule max housing payment: $7,083.33 * 0.28 = $1,983.33
- 0336% rule max total debts: $7,083.33 * 0.36 - $500 = $2,050.00
- 04Use lower value: $1,983.33
- 05Max loan amount at 6.5% for 30 years: $313,770
- 06Affordable home price: $313,770 + $50,000 = $363,770
Frequently Asked Questions
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