Mortgage Affordability Calculator
Calculate how much house you can afford
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Affordability Formula
Maximum Payment = Income × Front-End Ratio
Maximum Total Debt = Income × Back-End Ratio
Affordable Price = (Max Payment - Taxes - Insurance) / Monthly Rate Factor
Monthly Rate Factor = r / (1 - (1+r)^-n)
Use this calculator to determine your maximum affordable home price based on your financial situation.
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This is an estimate. Actual approval depends on credit score, debt-to-income ratio, and lender requirements.
Understanding Affordability
Key factors for mortgage approval:
Front-End Ratio
Housing costs as percentage of gross income (typically ≤ 28%).
Back-End Ratio
Total debt as percentage of gross income (typically ≤ 36%).
Credit Score
Higher scores qualify for better interest rates.
Down Payment
Larger down payment reduces monthly payments.
Example: $6,500 monthly income, 28/36 ratios. Maximum affordable house = ~$350,000 with 20% down at 6.5%.
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Home Buying
Mortgage Planning
Budgeting
Real Estate
Financial Planning
Frequently Asked Questions
How much house can I afford?▼
Most lenders recommend housing costs not exceed 28-36% of gross monthly income.
What affects mortgage affordability?▼
Income, debt, credit score, down payment, interest rate, and loan term affect affordability.
What is the 28/36 rule?▼
Housing costs ≤ 28% of gross income. Total debt ≤ 36% of gross income.
How much down payment do I need?▼
Typically 3-20%. 20% avoids PMI. FHA loans allow 3.5% down.
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