Wondering how much house you can afford? Our House Affordability Calculator helps you estimate your home buying power based on your income or budget. Whether you're a first-time homebuyer or looking to upgrade, this tool provides valuable insights into your potential home purchase.
Our calculator offers two methods to determine your affordable house price:
Adjust other factors like interest rates, loan terms, and down payment to see how they impact your affordability. Remember, this calculator provides an estimate – consult with a financial advisor or mortgage professional for personalized advice.
Your home affordability depends on various factors, including income, debts, credit score, and local real estate markets. This calculator uses general guidelines, such as the 28/36 rule, which suggests spending no more than 28% of your gross monthly income on housing expenses and no more than 36% on total debts.
Keep in mind that affordability isn't just about the purchase price. Consider other costs of homeownership, such as:
Use this calculator as a starting point in your home buying journey. For a more accurate assessment, consider getting pre-approved for a mortgage and consulting with real estate professionals in your area.