CurrentRates

Mortgage

How much house can I afford?

Works backwards from your income and existing debts to the price a lender would sign off on.

Your numbers

Before tax, per year.
Car loans, student loans, minimum card payments.
Annual percentage rate.
36% is the conventional benchmark. Some programmes allow up to 45%.
Per year.
$409,194 is the most a lender would typically approve, with a $349,194 loan on top of your down payment
Monthly housing budget $2,950 what is left after your other debts
Estimated payment $2,950 taxes and insurance included
Principal & interest $2,265 the part lenders quote

Where that payment goes

  • Principal & interest $2,265
  • Property tax $375
  • Home insurance $150
  • Mortgage insurance $160

Qualifying for this payment and being comfortable with it are different questions. Lenders do not budget for your childcare, your commute or your savings rate.

What this does and does not account for

This is a lender's arithmetic, not a budget. Qualifying for a payment and being comfortable with it are different questions.

Lenders also weigh credit score, employment history and cash reserves. Debt-to-income is only the first gate.

This is a general illustration, not financial advice, and not an offer of credit. Your own terms depend on your credit, the property and the lender.

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