Calculate how much house you can afford with our free calculator. Includes income analysis, down payment options, credit score impact, and current mortgage rates. Get instant results for conventional, FHA, VA, and USDA loans.
• Property taxes: Census Bureau, Tax Foundation
• Insurance: Census Bureau, National Bureau of Economic Research
• Home prices: Varies by location
Note: These are estimates. Actual costs may vary.
For Illustrative Purposes Only: This calculator provides estimates for educational and planning purposes only. Your actual mortgage payment and terms may vary significantly.
Not a Loan Offer: This calculator does not constitute a loan offer, commitment, or pre-approval. All loan terms are subject to lender approval and market conditions.
Rate Variations: Interest rates, fees, and terms vary by lender, loan type, and individual circumstances. Contact lenders directly for current rates and terms.
Insurance Requirements: Actual insurance costs may differ based on property type, location, coverage amounts, and individual circumstances.
Tax Estimates: Property tax estimates are based on general rates and may not reflect actual tax assessments or exemptions.
Credit Score Impact: Your actual credit score and credit history will significantly impact your loan terms and eligibility.
Consult Professionals: We recommend consulting with qualified mortgage professionals, real estate agents, and financial advisors for personalized guidance.
Comprehensive home affordability analysis pages for specific income levels. Each page provides detailed mortgage affordability calculations, maximum home purchase price estimates, monthly payment breakdowns, down payment scenarios, credit score impact analysis, and loan type comparisons (conventional, FHA, VA, USDA). Pages feature current mortgage rates, property tax estimates, insurance costs, and purchasing power analysis based on real-time market data.
Follow these simple steps to calculate your maximum home purchase price with our free calculator.
Start by entering your gross annual income. This includes your salary, bonuses, and other regular income sources. Use the slider or quick income buttons for common amounts.
Choose your down payment amount in dollars or percentage. A larger down payment increases your buying power and may eliminate mortgage insurance costs. Use the slider or toggle between percentage and dollar amounts.
Select what percentage of your monthly income you want to spend on housing. Most lenders recommend keeping this ratio between 28% and 36% of your gross monthly income.
Input your expected interest rate or use current market rates. Even a small difference in rate can significantly affect your maximum home price. The calculator uses current FRED data for accuracy.
Fine-tune your calculation by setting your credit score, loan type, and property state. These factors affect your interest rate and monthly costs like property taxes and insurance.
See your maximum home purchase price and estimated monthly payment breakdown. The calculator includes principal, interest, property taxes, and insurance to give you a complete picture of your housing costs.
Our home affordability calculator has helped thousands of home buyers understand their buying power and make informed decisions.
"This calculator gave me the most accurate estimate of how much house I could afford compared to others I tried. The income analysis and down payment options made a huge difference."
- Sarah M., First-time Homebuyer
"I love how it breaks down all the factors that affect affordability. The credit score impact and loan type comparison helped me understand my options."
- Michael R., Homebuyer
"No registration required and completely free. I used it to compare different down payment scenarios and it helped me decide on the right amount to save."
- Jennifer L., Homebuyer
Trusted by home buyers nationwide
Join the growing community of users who rely on our calculator for accurate affordability estimates
Our home affordability calculator stands out from other tools with comprehensive features and accurate calculations.
Unlike basic calculators, ours includes income analysis, down payment options, credit score impact, and current mortgage rates for accurate affordability estimates.
Get real-time mortgage rates from FRED data, unlike generic calculators that use outdated or estimated rates that may not reflect current market conditions.
Calculate affordability for conventional, FHA, VA, and USDA loans with accurate insurance calculations and down payment requirements for each type.
Unlike bank calculators that require account creation, our tool is completely free and accessible without any signup or personal information collection.
Customize credit scores, loan types, and property states to see how different factors affect your maximum home price with interactive sliders and controls.
Learn about affordability factors and what affects your buying power, not just get a number like other calculators.
Your maximum home purchase price depends on several key factors:
Explore our suite of mortgage calculators to help you make informed decisions about your home purchase, refinancing, and affordability.
Calculate your monthly mortgage payment with taxes and insurance. Includes address lookup and payment breakdown.
Calculate payment →Calculate how long it takes to break even on refinancing costs and start saving money.
Calculate breakeven →Compare the costs of renting versus buying to make the best financial decision.
Compare options →Traditional loans with flexible terms and competitive rates.
Government-backed loans with low down payment options.
Special loans for veterans, service members, and spouses.
Rural development loans with no down payment required.
This calculator provides estimates based on current market conditions and standard mortgage guidelines. For exact affordability, contact a lender who can provide personalized quotes based on your specific situation and current rates.
Key factors include your income, credit score, down payment amount, debt-to-income ratio, current mortgage rates, and the type of loan you choose (conventional, FHA, VA, or USDA).
While 20% down eliminates PMI on conventional loans, many buyers put down 3-10%. Consider your savings, monthly budget, and long-term financial goals. Government programs may allow lower down payments for qualified buyers.
Most lenders prefer a debt-to-income ratio of 43% or lower, though some programs allow up to 50%. This includes your mortgage payment plus other monthly debts divided by your gross monthly income.
Higher credit scores typically qualify for better interest rates, which can increase your buying power. Scores above 740 generally receive the best rates, while lower scores may face higher rates or require larger down payments.
Conventional loans require 3-20% down and good credit. FHA loans allow 3.5% down with lower credit scores. VA loans offer 0% down for veterans and service members. USDA loans provide 0% down for rural properties with income limits.
Yes, your total housing payment includes principal, interest, property taxes, and insurance (PITI). The calculator accounts for these costs to give you a realistic picture of your monthly housing expenses.
Mortgage rates can change daily based on market conditions. The calculator uses current rates, but you should check with lenders for the most up-to-date rates when you're ready to buy.
For the most accurate assessment, consult with a mortgage lender who can review your complete financial picture, including all income sources, debts, and expenses not captured in this calculator.
As a general rule, you can afford a home that costs 2.5 to 3 times your annual income. However, this varies based on your down payment, debt-to-income ratio, credit score, and current mortgage rates. Use our calculator for a more precise estimate.
Most lenders recommend keeping your housing payment to 28-36% of your gross monthly income. This includes principal, interest, taxes, and insurance. Some programs allow up to 43% for qualified borrowers.
A larger down payment increases your buying power by reducing your loan amount and potentially eliminating mortgage insurance costs. However, it also reduces your available cash for other expenses and emergencies.
Yes, you can still qualify for a mortgage with student loan debt. Lenders will include your student loan payments in your debt-to-income ratio. Consider programs like FHA loans that may be more flexible with debt ratios.
To improve affordability: increase your income, save for a larger down payment, improve your credit score, pay down existing debt, or consider less expensive areas. You can also explore down payment assistance programs.
Note: All data in this calculator is currently estimated for demonstration purposes. For accurate calculations, we recommend integrating with the suggested data sources above.
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