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Mortgage Affordability Calculator

Estimate an affordable home price from income, debts, rate, and down payment.

MyToolPantry.comMortgage Affordability Calculator

Mortgage Affordability Calculator result

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Annual gross household income ($)Other monthly debt payments ($)Down payment ($)Interest rate (%)Loan term (years)Front-end housing ratio (%)Back-end total DTI ratio (%)Property tax per year ($)Home insurance per month ($)HOA per month ($)PMI per month ($)

Front-end housing cap$2,333.33Back-end housing cap after other debts$2,200.00Maximum monthly housing budget$2,200.00Taxes, insurance, HOA and PMI$580.00Available principal and interest$1,620.00Estimated loan amount$256,301.53Estimated home price$296,301.53Entered down payment$40,000.00

Maximum housing budget is the lower of: gross monthly income × front-end ratio, or gross monthly income × back-end ratio minus other monthly debts. Taxes, insurance, HOA and PMI are then removed before converting the remaining principal-and-interest payment into a loan amount. This is not underwriting or preapproval and excludes closing costs, reserves, utilities and maintenance.

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How this tool works

The estimate uses the lower of a front-end housing cap and a back-end total-debt cap after other debts, subtracts entered housing costs, then converts the remaining payment capacity into an estimated loan amount.

Limits to know

The estimate is not underwriting or preapproval. Credit, rate locks, taxes, insurance, HOA, PMI, loan program rules, reserves, closing costs, and lender debt calculations can change affordability.