Mortgage Affordability Calculator
Find out how much home you can comfortably afford based on your income, debts, and down payment.
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Get in TouchYour maximum home price is generally based on keeping your housing payment at or below 28% of your gross monthly income (the front-end rule), then working backward through the loan formula to find the loan amount that payment supports, plus your down payment. On an $8,000 monthly income with a $50,000 down payment at 6% over 30 years, that's roughly $423,600.
How It Works
This calculator estimates how much home you can afford by first capping your monthly housing payment as a percentage of your gross income, then working backward through the loan amortization formula to find the loan amount that payment supports. Adding your down payment to that loan amount gives you an estimated maximum home price.
Formula
The estimate is built in three steps:
- M — your max monthly housing payment from step 1
- r — your monthly interest rate (annual rate ÷ 12)
- n — the loan term in months
Example
Say your gross monthly income is $8,000, you have a $50,000 down payment, and you qualify for a 6% annual rate on a 30-year (360-month) loan:
- Max housing payment: $8,000 × 28% = $2,240/month
- Max loan amount at 6%/30-year: ≈ $373,600
- Estimated max home price: ≈ $423,600 ($373,600 loan + $50,000 down payment)
Assumptions & Limitations
This calculator uses the 28% front-end rule and doesn't account for property taxes, homeowners insurance, HOA dues, PMI, or your existing debts (back-end DTI) — all of which can lower the amount you actually qualify to borrow. Use the DTI Calculator alongside this one for a fuller picture. Results are estimates for educational purposes only.
Frequently Asked Questions
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Want the Mortgage Affordability Calculator on your own website? CalcX calculators are available to license — fully branded to match your site, embeddable in minutes, and built to turn visitors into qualified leads.
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