Enter your income, debts, and down payment to see your maximum home price, monthly payment, and whether you'll qualify for a mortgage.
Lenders use the "28/36 rule" to evaluate affordability. Your housing costs (PITI — principal, interest, taxes, insurance) should not exceed 28% of gross monthly income. Total debt, including housing, should not exceed 36%.
More lenient FHA loans allow up to 43% total DTI. Some conventional loans allow up to 50% DTI with strong compensating factors like high credit scores or large reserves.
Beyond your mortgage, budget 1–2% of home value annually for maintenance and repairs. A $400K home requires $4,000–$8,000/year on average for upkeep.
Property taxes vary widely — from 0.3% in Hawaii to 2.5%+ in New Jersey. HOA fees in condos or communities can add $200–$800/month. Factor all of these into your true monthly cost.
Credit score has an enormous impact on mortgage rates. The difference between a 620 and a 760 score can be 1–1.5% in interest rate — on a $400K mortgage, that's $80,000–$120,000 over 30 years.
Boost your score before applying: pay down revolving credit below 30%, dispute any errors on your credit report, and avoid hard inquiries for 6+ months.
Many states offer down payment assistance programs for first-time buyers, often providing grants or 0% interest second mortgages of $5,000–$25,000 toward your down payment.
FHA loans require only 3.5% down with a 580+ credit score. VA loans (veterans) and USDA loans (rural areas) require zero down payment. Check HUD.gov for state-specific programs.