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How much house can I afford?
You're earning well and ready to buy — but the listings and the mortgage math never quite line up. The honest answer isn't a gut feeling or a "3× your salary" rule of thumb. It's the same thing a lender checks: how much of your income your monthly payment is allowed to use.
This calculator runs the lender's 28/36 rule on your real numbers — income, debts, down payment, rate and local taxes — and shows the home price and the full monthly payment you can carry, in plain view. Every assumption is on-screen and editable, and nothing you type leaves this page.
See the price you can carry
Start with your gross income and monthly debts, set your down payment and rate, then open Assumptions to match your local taxes and insurance. Everything computes in your browser — your numbers never leave your device.
Pre-tax — the figure lenders size your loan on.
Car, student loans, credit-card minimums. Not rent or your future mortgage.
20% or more avoids PMI. The dollar amount shows in your result.
Example rate — the 30-year fixed hovered near 6.6% in mid-2026. Enter the rate you're actually quoted.
Everything is computed in your browser. Your numbers are never sent to a server, and nothing is stored — close the tab and they're gone.
The home price you can likely afford
$345,606
About 3.6× your income, on $95,000 a year with 20% down at a 6.6% rate. That puts your full monthly payment near $2,217.
See how a house this size fits your whole plan — taxes, timeline and safety margin.
Your estimated monthly payment
What that buys
Home price
$345,606
Down payment
$69,121
Loan amount
$276,485
Your budget is capped by the 28.0% housing rule. A lower rate, a bigger down payment, or a cheaper tax/insurance area would each lift it.
An estimate from the 28/36 lender rule — not a pre-approval or financial advice. It uses gross (pre-tax) income the way lenders do, and doesn't include maintenance, utilities, or closing costs. A lender's offer depends on your credit and full application.
A house is one line in a bigger plan
Buying changes everything downstream — your savings rate, your timeline, your safety margin. Sign up free and FIManager turns your income, savings and goals into a full plan that shows how a mortgage fits the years ahead, with taxes and a chance-of-success check the back-of-envelope math can't give you. Free, no card.
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How the number is built
The lender rule, what's inside the monthly payment, and where the reference figures come from — open whatever you need.
How lenders decide — the 28/36 rule
Two debt-to-income caps, and the tighter one wins.
How lenders decide — the 28/36 rule
Two debt-to-income caps, and the tighter one wins.
Front-end (28%). Your housing payment — principal, interest, taxes, insurance and any PMI or HOA — should stay under about 28% of your gross monthly income.
Back-end (36%). All of your monthly debt together — that housing payment plus car loans, student loans and credit-card minimums — should stay under about 36% of the same income.
Whichever cap is tighter sets your housing budget. If you carry little other debt, the 28% housing cap usually binds. If you carry a lot, the 36% total-debt cap binds first — which is why paying down a car or card can raise your price more than saving a bigger down payment. From that monthly budget, the tool solves for the largest home price whose full payment fits.
It's a guideline, not a guarantee: FHA loans allow roughly 31/43, and a strong credit profile can push higher. Switch the lending rule in Assumptions to compare. Source: The 28/36 rule (conventional-mortgage underwriting), per Bankrate, PNC and Fannie Mae guidance; FHA ratios per HUD.
What's inside the monthly payment
Principal, interest, taxes, insurance — and PMI when you put less down.
What's inside the monthly payment
Principal, interest, taxes, insurance — and PMI when you put less down.
Lenders size the whole payment, not just the loan. That's PITI — principal and interest on the mortgage, plus property taxes and homeowners insurance — and two more when they apply:
- PMI — private mortgage insurance, added when your down payment is under 20%, typically 0.5%–1.5% of the loan per year. A real loan drops it once you reach about 20% equity; this estimate keeps it in the payment the way a lender does when qualifying you, so the number stays conservative.
- HOA dues — monthly, if the home has them.
Property taxes and PMI scale with the home's price and loan, so a pricier house carries a bigger payment on every line at once. The calculator solves all of that in one step rather than guessing — which is why it can land right on your budget.
Not included: maintenance, utilities and closing costs. They're real money, but they sit outside the lender's ratio, so leaving them out keeps this comparable to what a lender would tell you.
The reference numbers, with sources
Property tax, insurance, PMI and the example rate — where each comes from.
The reference numbers, with sources
Property tax, insurance, PMI and the example rate — where each comes from.
Every figure the calculator starts with is an editable example drawn from a real, cited source — not a hidden assumption:
- Property tax — 0.9% example. The U.S. average effective rate. Source: ATTOM Data Solutions, 2025 Annual Property Tax Report (0.90% national effective rate).
- Homeowners insurance — ~$2,300/yr example. Source: NerdWallet, ValuePenguin and SoFi 2025–2026 homeowners-insurance averages (~$2,000–$2,900/year nationally).
- PMI — 0.5% example. Source: Experian, ValuePenguin and Freddie Mac PMI guidance (0.5%–1.5% of the loan per year).
- Mortgage rate — ~6.6% example. Source: Freddie Mac PMMS / Bankrate 30-year fixed averages, mid-2026 (~6.6%).
Averages hide a lot of local variation — property tax alone swings from under 0.3% to over 1.8% by county — so replace any of these with your own quote or local rate for a sharper answer.
FAQ
- How much house can I afford on my salary?
- Lenders answer this with the 28/36 rule: your housing payment should stay under about 28% of your gross monthly income, and all your debt including housing under about 36%. Working backward from those caps gives the largest home price whose full monthly payment fits. That usually lands near three to four times your annual income, but the calculator above is more precise than any rule of thumb because it uses your real debts, down payment, rate and local costs — though it's still an estimate, not a pre-approval.
- What is the 28/36 rule?
- It is the debt-to-income guideline most conventional lenders start from. The first number, 28%, is the front-end ratio — housing costs alone as a share of gross monthly income. The second, 36%, is the back-end ratio — all monthly debt, housing plus car, student and credit-card payments. The tighter cap sets your budget. FHA loans allow roughly 31/43, and strong borrowers sometimes go higher.
- Should I use gross or take-home income?
- Gross — your pre-tax income. It feels backward since you never see that money, but the debt-to-income ratios lenders use are defined on gross income, so that is what makes the estimate match a lender's. Just remember the payment will feel larger against your take-home pay — one reason to treat the top of this range as a ceiling, not a target.
- How much do I need for a down payment?
- You can buy with far less than 20% down — many conventional loans allow 3–5%, and FHA loans 3.5% — but under 20% you pay PMI, typically 0.5% to 1.5% of the loan per year, until you build enough equity. A larger down payment lowers both the loan and the payment, so it lets the same income support a higher price. The calculator shows the down-payment dollars for whatever percentage you pick.
- What's included in the monthly payment?
- The four parts lenders call PITI — principal, interest, property taxes and homeowners insurance — plus PMI if you put under 20% down, and HOA dues if the home has them. This calculator sizes all of them, because it is the full payment that has to fit the 28% housing cap. It does not include maintenance, utilities or closing costs — real, but outside the lender's ratio.
- Is my data sent anywhere?
- No. Every calculation runs in your browser. Your income, debts and down payment are never sent to a server, never put in a shareable link, and there is no signup to use the calculator. Nothing is stored either — closing the tab clears it.
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