One Percent Finance
All Calculators
Real Estate

Home Affordability Calculator

Find out how much house you can afford based on your income, debts, and down payment using the 28/36 rule.

Your Financial Profile

$100,000
$30K$500K
$500/mo

Car loans, student loans, credit cards, etc. (not housing)

$60,000
36%

Most lenders allow up to 43%. Conservative: 36%

Loan & Property Details

Maximum Home Price

$365,000

Stretch AffordabilityPMI Required

Monthly Payment Breakdown

Principal & Interest
$1,988
Property Tax
$365
Insurance
$150
PMI
$127
Total Monthly$2,630

Debt-to-Income Summary

Gross Monthly Income$8,333
Housing Ratio (front-end DTI)30.0% ⚠
Total DTI (back-end)37.6% ⚠
Down Payment$60,000 (16.4%)
Loan Amount$305,000

Powered by One Percent Finance

Making Personal Finance Personal

Your Results

Max Home Price
$365,000
Monthly Payment
$2,630
Total DTI
37.6%
Down Payment
$60,000 (16.4%)

Share this link:

💡 Tip: Share your results with friends or family to discuss financial decisions together.

Powered by

One Percent Finance

Making Personal Finance Personal

Related Calculators

Mortgage CalculatorRent vs. Buy CalculatorBudget Calculator

Frequently Asked Questions

How much house can I afford on my salary?

A common guideline is the 28/36 rule: your monthly housing costs (mortgage, taxes, insurance) should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. On a $100,000 salary that's roughly $2,333/month for housing.

What is the debt-to-income (DTI) ratio?

DTI is your total monthly debt payments divided by gross monthly income. Most lenders require a DTI below 43% to qualify for a conventional mortgage. A DTI below 36% is considered excellent.

How does the down payment affect affordability?

A larger down payment reduces your loan amount, lowers monthly payments, and eliminates PMI once you reach 20%. It also signals lower risk to lenders, potentially qualifying you for better interest rates.

What costs should I budget for beyond the mortgage?

Budget for property taxes (typically 1–2% of home value annually), homeowner's insurance (~$1,200–$2,400/year), HOA fees if applicable, maintenance (1% of home value/year), and closing costs (2–5% of purchase price).

What credit score do I need to buy a house?

Conventional loans typically require a 620+ credit score. FHA loans allow scores as low as 580 with 3.5% down. Higher scores (740+) unlock the best interest rates, potentially saving tens of thousands over the loan term.

Make Personal Finance Personal

Weekly stories delivered to your inbox.

No spam. Unsubscribe anytime.