Mortgage Estimator
Find out how much home you can afford based on your income, debts, and savings.
How Much Home Can I Afford?
Enter your financial details to estimate your home buying budget
Understanding Home Affordability
The 28/36 Rule
Most lenders follow the 28/36 rule: your housing costs should not exceed 28% of your gross monthly income (front-end ratio), and your total debts should not exceed 36% of your income (back-end ratio).
What Affects Affordability?
- Income: Higher income = more affordable home
- Debts: Lower debts = more room for mortgage
- Down payment: More down = less to borrow
- Interest rate: Lower rate = lower payment
- Loan term: Longer term = lower payment
Hidden Costs to Consider
- Closing costs (2-5% of home price)
- Moving expenses
- Home maintenance (1-2% annually)
- Utilities
- HOA fees (if applicable)
- Furniture and repairs
Tips for Buying
- Get pre-approved before house hunting
- Don't max out your budget
- Save 3-6 months emergency fund
- Consider future expenses (kids, cars)
- Shop for the best mortgage rate