Home Affordability Calculator

Annual Household Income ($)

Monthly Debts ($)

Down Payment ($)

Interest Rate (%)

Property Tax Rate (%)

Monthly Insurance ($)

Loan Term (Years)

Maximum Home Price

$285,681

Based on 28/36 rule with 21.0% down

Stretch

Monthly Payment

$1,862.14

Loan Amount

$225,681

Front-End DTI

26.3%

Back-End DTI

31.9%

Monthly Payment Breakdown

Principal & Interest

$1,426.45

Property Tax

$285.68

Insurance

$150.00

Total Cost Over 30 Years

Down Payment

$60,000

Total Interest

$287,843

Total Property Tax

$102,845

Grand Total

$730,369

Estimated Closing Costs

Low Estimate (2%)

$5,714

Typical (3.5%)

$9,999

High Estimate (5%)

$14,284

Closing costs typically include appraisal, title insurance, attorney fees, origination charges, and prepaid items. Budget $5,714 to $14,284 in addition to your down payment.

Down Payment Comparison

Down %	Down Payment	Max Home	Monthly	PMI
5%	$12,387	$247,730	$1,983.32	$98.06
10%	$25,954	$259,545	$1,983.32	$97.33
15%	$40,881	$272,542	$1,983.32	$96.53
20%	$60,541	$302,703	$1,983.33	None

PMI is estimated at 0.5% of the loan amount annually and applies when down payment is less than 20%.

Affordability by Income Bracket

Annual Income	Max Home (20% down)	Max Housing / Mo
$50,000	$156,855	$1,100.00
$75,000	$264,177	$1,750.00
$100,000	$360,492	$2,333.33
$125,000	$456,806	$2,916.67
$150,000	$553,121	$3,500.00
$200,000	$745,750	$4,666.67

Assumes 20% down payment, 6.5% rate, 30-year term, 1.2% property tax, and $150.00/mo insurance. Uses the 28/36 rule with your current debt level.

The 28/36 Rule

Front-End Ratio (28% max)

26.3%

Housing costs should not exceed 28% of gross monthly income.

Back-End Ratio (36% max)

31.9%

Total debt payments (housing + other) should not exceed 36% of gross monthly income.

Annual Household Income ($)

Monthly Debts ($)

Down Payment ($)

Interest Rate (%)

Property Tax Rate (%)

Monthly Insurance ($)

Loan Term (Years)

Maximum Home Price

$285,681

Based on 28/36 rule with 21.0% down

Stretch

Monthly Payment

$1,862.14

Loan Amount

$225,681

Front-End DTI

26.3%

Back-End DTI

31.9%

Monthly Payment Breakdown

Principal & Interest

$1,426.45

Property Tax

$285.68

Insurance

$150.00

Total Cost Over 30 Years

Down Payment

$60,000

Total Interest

$287,843

Total Property Tax

$102,845

Grand Total

$730,369

Estimated Closing Costs

Low Estimate (2%)

$5,714

Typical (3.5%)

$9,999

High Estimate (5%)

$14,284

Closing costs typically include appraisal, title insurance, attorney fees, origination charges, and prepaid items. Budget $5,714 to $14,284 in addition to your down payment.

Down Payment Comparison

Down %	Down Payment	Max Home	Monthly	PMI
5%	$12,387	$247,730	$1,983.32	$98.06
10%	$25,954	$259,545	$1,983.32	$97.33
15%	$40,881	$272,542	$1,983.32	$96.53
20%	$60,541	$302,703	$1,983.33	None

PMI is estimated at 0.5% of the loan amount annually and applies when down payment is less than 20%.

Affordability by Income Bracket

Annual Income	Max Home (20% down)	Max Housing / Mo
$50,000	$156,855	$1,100.00
$75,000	$264,177	$1,750.00
$100,000	$360,492	$2,333.33
$125,000	$456,806	$2,916.67
$150,000	$553,121	$3,500.00
$200,000	$745,750	$4,666.67

Assumes 20% down payment, 6.5% rate, 30-year term, 1.2% property tax, and $150.00/mo insurance. Uses the 28/36 rule with your current debt level.

The 28/36 Rule

Front-End Ratio (28% max)

26.3%

Housing costs should not exceed 28% of gross monthly income.

Back-End Ratio (36% max)

31.9%

Total debt payments (housing + other) should not exceed 36% of gross monthly income.