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Mortgage Affordability Calculator

Estimate the maximum home price you can afford using the 28/36 rule and your actual financial situation.

Combined gross (pre-tax) annual income of all borrowers
Existing monthly debt payments (car, student loans, credit cards, excluding new mortgage)
Cash available for down payment
Expected mortgage interest rate
Mortgage term in years (typically 15 or 30)

Results

Maximum Home Price$0
Maximum Loan Amount$0
Max Monthly Payment (PITI)$0.00

📖What is it?

The 28/36 rule is the traditional mortgage affordability guideline: housing costs (PITI) should not exceed 28% of gross monthly income, and all debt payments combined should not exceed 36%. This calculator applies both tests and uses the more conservative result.

🎯How to use

Enter combined gross annual income, existing monthly debts (excluding the new mortgage), down payment, interest rate, and loan term. The calculator returns the maximum home price, loan size, and monthly payment satisfying the 28/36 rule.

💡Example scenario

Income $90,000/year, $400 existing debts, $20,000 down, 6.5% rate, 30 years. 28% rule gives $2,100/month max payment. 36% rule gives ($2,700 - $400) = $2,300 available. Conservative limit $2,100 gives max loan ~$331,500 and max home price ~$351,500.

🏆Pro tip

The 28/36 rule is a guideline, not a hard limit. Factor in property taxes, homeowners insurance, HOA fees, and maintenance (budget 1-2% of home value/year) on top of the mortgage payment.