≈ $82,000 down
Ongoing housing costs
Estimated total
$2,117/mo
A mortgage payment is generally considered affordable at no more than 28% of gross monthly income, and no more than 36% once other debt is included - the same total-debt ceiling this calculator uses to flag a purchase as high risk. Enter the home price, down payment, interest rate, and loan term, and this weighs the resulting payment against your actual income rather than that rule of thumb alone.
These key factors affect home affordability
Income and expenses
Income sets the ceiling, but it's rarely the real constraint - existing debt is. A $90,000 salary with a car payment and a couple of credit cards carrying balances affords a lot less house than the same salary with no debt at all, so we weigh every debt you've logged alongside your income before adding in a new mortgage payment. That's the same math a lender runs, just before you walk into the branch.
Credit score
Credit score does a lot of quiet work here. Move from the low 600s into the 740+ range and the rate a lender offers can drop enough to meaningfully shave the monthly payment - which is really just a cheaper way of affording the same house. Score lower, and it works in reverse: same price, worse terms, higher risk score.
Debt-to-income ratio
28% and 36% are the two numbers that matter most in mortgage underwriting: housing costs alone should stay under the first, and all your debt combined - mortgage included - under the second. Our risk levels track close to those same thresholds, so a low risk result here is a decent proxy for what an underwriter would call comfortably affordable, not just what a calculator happens to say.
Down payment
Put more down and your monthly payment drops two ways at once: less principal to repay, and often a better rate to go with it. The minimums vary more than people expect - 3% on a conventional loan, 3.5% on FHA, and as low as 0% on VA or USDA loans for eligible buyers - but anything under 20% down on a conventional loan usually means paying private mortgage insurance until you build enough equity to drop it. Worth factoring that into the monthly number, not just the down payment itself.
Interest rate and loan term
One percentage point on the interest rate can move a typical mortgage payment by hundreds of dollars a month - it's arguably the single input with the most leverage over your risk score. Term matters too: a 15-year loan costs more per month than a 30-year one on the same balance, but you'll pay far less interest in total by the time it's paid off.
Property taxes, insurance, and HOA fees
Principal and interest are only part of the monthly bill. Property tax rates alone can differ by several multiples from one state to the next, and homeowners insurance has climbed sharply in areas with more frequent wildfire, hurricane, or flood risk - add an HOA on top and the true monthly cost can run well past the mortgage payment you calculated. If you're house-hunting somewhere with higher taxes or mandatory dues, pad your estimate accordingly rather than finding out at closing.
How to use your results
Your risk score reflects the mortgage payment at the price, down payment, rate, and term you entered. Try adjusting each one to see how it moves the needle:
- Down payment - see how putting more down lowers your monthly payment and risk score.
- Loan term - compare a 15-year term's higher payment against a 30-year term's lower one.
- Interest rate - model what a slightly better (or worse) rate does, since actual quotes vary by lender and credit profile.
- Existing debt - add any car payments, student loans, or credit cards you're carrying for a more realistic number before you go house-hunting.
Ways to increase how much house you can afford
- Pay down existing debt to improve your debt-to-income ratio before applying for a mortgage.
- Work on your credit score - even a modest improvement can unlock a meaningfully better rate.
- Save for a larger down payment to borrow less and potentially avoid PMI.
- Add a second income source if you have one - joint applications are evaluated together.
- Consider a longer loan term to lower the monthly payment, understanding it costs more in total interest.
More housing calculators
Sources
Bureau of Labor Statistics (median income by age, shown in the sidebar), Experian (credit score by age, shown in the sidebar), Redfin (median home sale price), Forbes Advisor (average homeowners insurance), Freddie Mac (average mortgage rate) - starting points to compare against, not real-time quotes.
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