semkuHow much of a home can I afford calculator
Estimate a home price within your income and debt limits.
Check a chosen home's monthly payment with the Mortgage calculator with taxes.
Calculation rules
Monthly income is gross annual income / 12; the housing budget is the smaller of monthly income × housing limit and monthly income × total debt limit − monthly debt payments. The editable 28% housing and 36% total debt defaults come from separate CFPB planning guidelines, not approval rules; lenders and loan products can use different limits. See Your home loan toolkit and Debt-to-income calculator.
Housing includes principal and interest at your entered fixed annual rate divided by 12, monthly compounding and monthly payments; property tax is price × annual rate / 12, insurance is annual premium / 12, and HOA is monthly dues. Entered PMI is loan amount × annual rate / 12 only below a 20% down payment; later cancellation is not modeled. Closing costs, points, FHA/VA fees, flood insurance, maintenance, utilities and cash reserves are excluded.
Monthly debts include car and student loan payments, credit card minimum payments and recurring obligations such as child support; exclude current rent and living expenses. The cash down payment stays fixed, loan amount is price minus down payment, and closing costs are not deducted from that cash amount; the down-payment percentage uses the result price. Interest is supplied by you; the example rate is not a current market rate.
At zero interest, principal and interest equal the loan amount divided by the number of payments. Each monthly component is rounded to cents, with ties away from zero, before adding; the result is the largest whole-dollar home price above the down payment whose rounded component total fits the unrounded budget. Budget and ratio displays are rounded to two decimal places and are not used to repeat the comparison.
Frequently asked questions
- Does the estimated price mean I qualify for a mortgage?
- No. It is the price that fits the inputs and limits in this calculation; it does not determine a lender's approval.
- Which income limit controls the result?
- The calculator compares the housing allowance with the total debt allowance after subtracting your monthly debts and uses the smaller budget.
- What happens if I leave PMI blank?
- No PMI cost is added; if the calculated down payment is below 20%, the result flags the omission so you can enter a rate.
- Why can the result stop at a 20% down payment?
- The next whole-dollar price can cross into the calculator's PMI range, adding enough monthly cost to exceed your budget.
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For details, see the privacy policy in Korean.
Calculations run in your browser without sending the financial values you enter to the server or storing them. See “Privacy on this page” for information about access data.