Example
Input: $80k Income, $500 Debt
Result: $320k Home
Step-by-Step Guide
- Income: Gross annual.
- Debts: Monthly payments.
- Down: Cash available.
- Max: Home price.
What is Home Affordability Calculator?
Calculates maximum home price using the 28/36 rule used by lenders.
⚠️ Financial Disclaimer: The results provided by this calculator are estimates for informational purposes only. Please consult a qualified financial advisor before making any financial decisions.
How it Works
1. Enter 'Annual Income'.
2. Input 'Monthly Debts'.
3. Set 'Down Payment'.
4. See your max price.
FAQ
What is the 28/36 rule?
Max 28% income for housing, 36% for total debt.
Does down payment affect this?
Yes, a larger down payment increases your purchasing power.
Are taxes included?
Estimates usually include insurance and tax buffers.
Can I spend more?
Lenders might allow it, but it increases risk.
Does interest rate matter?
Yes, lower rates increase affordability significantly.
Conclusion
Don't be house poor. This calculator helps you find a price range that keeps your finances healthy, ensuring you can enjoy your new home without financial stress.