Home Affordability Calculator

The 28/36 rule states that you should spend no more than 28% of your gross monthly income on housing costs and no more than 36% on total debt payments including housing.

While 20% is ideal (avoids PMI), many loans allow 3-5% down. FHA loans require as little as 3.5% down payment.

Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It typically costs 0.5-1% of the loan amount annually and protects the lender against default.

The Home Affordability Calculator is an online tool that lets you calculate how much house you can afford based on income, debts, and down payment using the 28/36 rule. It is part of NexTool's collection of free tools designed to help you work faster and more efficiently.

Using the Home Affordability Calculator is simple: visit the tool page, enter your data or input into the provided fields, and get instant results. Follow the controls on the page. Some functions require sign-in or a paid plan; see Pricing for limits.

The Free plan includes 10 tool uses per day. Some features require an account or a paid plan. Check the controls on the tool page and Pricing for the applicable limits.

The Home Affordability Calculator returns results based on the inputs and the tool methodology. Check assumptions, units and source dates. Treat projections as estimates. For critical decisions, always consult a qualified professional.

Yes, the Home Affordability Calculator is fully responsive and works perfectly on smartphones, tablets, and desktop computers. Simply open NexTool in your mobile browser and navigate to the tool — no app download required.