Home Affordability & Full Housing Cost Calculator
Example values are editable illustrations, not market averages or recommendations.
Results
Enter your figures or load the example.
Maximum modeled home price—
Loan amount—
Monthly housing limit—
Estimated closing costs—
Cash needed—
Total monthly housing—
Assumptions used
Methodology and Limitations
Last updated: 2026-07-31
Estimate disclaimer: Educational scenario estimate only; verify current contracts, rates, taxes and official rules before acting.
Enter your income, existing debts, down payment, rate, and local property tax and insurance costs to solve for the highest home price your full monthly housing budget — not just the loan payment — can support.
Before you enter numbers
Use gross monthly income and the exact minimum payments on your other debts. Get a real local property-tax rate or a comparable listing’s tax bill rather than a national average, since tax and insurance costs vary enormously by location.
Formula
solve the highest home price for which mortgage + taxes + insurance + HOA + PMI + maintenance ≤ your selected monthly housing limit
Worked example
A household with $8,000 gross income, $400 in other debt, and a 36% back-end target has a maximum modeled total housing payment of roughly $2,480 a month — covering taxes, insurance, HOA, and PMI, not principal and interest alone.
Down payment and PMI
Putting down less than 20% generally adds PMI to the monthly figure. Under the Homeowners Protection Act, PMI must be automatically removed once your balance reaches 78% of the original home value, and you can request removal earlier at 20% equity.
Rate sensitivity
A one-percentage-point increase in your rate reduces the loan amount you can support at the same monthly payment — often by roughly 10%, though the exact figure depends on your term and starting rate. Run your number at your quoted rate plus one point as a stress test before assuming a rate lock holds through closing.
Limits and privacy
This tool provides a general educational estimate, not individualized financial or lending advice, and does not predict approval for any specific application. Closing costs and cash reserves are shown separately from the ongoing monthly payment.
The calculation runs in your browser. Do not put account numbers or other identifying information into a shareable link.
Related guide
Read How Much House Can You Afford? The 28/36 Rule and What It Leaves Out for the 28/36 guideline, PMI removal rules, and how a one-point rate change moves your affordable price.
Frequently asked questions
Why is the result lower than a simple mortgage calculator?
It includes non-loan housing costs — taxes, insurance, HOA, PMI, maintenance — and your existing debts, not principal and interest alone.
Are closing costs part of the monthly payment?
No — they’re shown as separate cash needed at closing.
Does the calculator guarantee approval?
No — actual approval also depends on credit, assets, appraisal, and lender-specific rules.
Why include maintenance?
Ownership requires irregular repairs that a loan payment alone doesn’t capture.
Can I use a lower budget than the DTI-based limit?
Yes — the tool uses the lower of your personal cap and the DTI-based cap.
Property tax and insurance are local
A national “average” property-tax rate is close to useless for budgeting, since rates vary enormously by county and school district. The same is true of homeowners insurance, which varies by state, coverage level, and risk factors like wildfire or flood exposure. Use a real local tax bill or comparable listing rather than a national estimate.
Sources
This tool runs entirely in your browser. Your input never leaves your device.