Discover your true home buying budget with our smart calculator that considers both 30-year and 15-year mortgage options for optimal financial health.
Calculate how much house you can afford based on your income and the 28/36 rule.
Enter your income details below to see what home you can actually afford
Before taxes and deductions • $0 annually
Before taxes and deductions • $0 monthly
After taxes and deductions
Car loans, credit cards, student loans
Cash available for down payment
Percentage of home price • $0 actual amount
Current average: 6.5-7.5% for good credit
Shorter terms save interest but increase monthly payments
Average: 0.5% - 2.5% depending on location
Average: 0.2% - 0.5% of home value
Homeowners Association fees (if applicable)
Private Mortgage Insurance (when down payment < 20%)
Maximum Home Price
Principal + Interest
Mortgage, Taxes, Insurance, PMI, HOA
Take-home pay minus total housing costs
❌ Alert: Your debt-to-income ratio is , which exceeds the recommended 36%. Consider paying down debt before buying a home.
⚠️ Warning: Your total housing costs () exceed the recommended 28% of income. This includes taxes, insurance, PMI, and HOA dues.
⚠️ Warning: Your down payment is less than 20%. You will need to pay PMI (Private Mortgage Insurance) of approximately per month.
đź’ˇ Tip: Your total monthly housing costs () include more than just your mortgage payment. Budget for property taxes, insurance, PMI, HOA dues, and maintenance costs.
Follow these guidelines to make a smart home purchase that fits your budget
Your monthly housing costs (including mortgage, taxes, insurance) should not exceed 28% of your gross monthly income.
Your total monthly debt payments (including the new mortgage) should not exceed 36% of your gross monthly income.
Aim for at least 20% down payment to avoid PMI and get better loan terms. Consider 15-year loans for significant interest savings.
| Loan Term | Monthly Payment | Total Interest | Pros | Cons |
|---|---|---|---|---|
| 30-Year | Lower | Higher | More affordable monthly payments | More interest paid over time |
| 15-Year | Higher | Lower | Significant interest savings, faster equity | Higher monthly payments |
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