How much house can I afford?
Uses today's average of actual locked rates, not advertised teasers. Start from your income, or work backwards from the payment you refuse to exceed.
Before taxes, all income sources.
Minimum payments on car loans, credit cards, student loans. Not rent or utilities.
Enter your quoted rate, or leave blank to use the national average.
Enter your income to see what you could afford at today's real rates.
When a lender hands you a Loan Estimate for a home in this range, upload it here. We'll grade the offer and flag the fees worth negotiating, free.
The assumptions, in the open
- The 28/36 rule: housing ≤ 28% of gross monthly income; housing + other debts ≤ 36%. This is the conservative standard. Many lenders approve more, which is exactly how people end up house-poor.
- Property tax 1.1%/yr and insurance 0.5%/yr of home value, based on national averages. Texas and New Jersey run far higher; several states far lower.
- PMI 0.6%/yr of the loan when your down payment is under 20%. You can remove it later; ask any lender how.
- 30-year fixed at the daily national average of locked rates (FRED®), overridable with your own quote.
What this can't know: your actual tax bill, HOA dues, credit-profile pricing, or how stable your income is. Treat the result as the center of a range, not a promise.
Common questions
How much house can I afford on my salary?
The standard lender guideline is the 28/36 rule: housing costs at or below 28% of gross monthly income, and housing plus all other debt payments at or below 36%. This calculator applies both limits with today’s average locked rate and shows which one constrains you. Individual lenders regularly approve higher ratios; that is a risk decision, not a requirement.
What monthly payment does a $400,000 house have?
At a 6.5% 30-year rate with 20% down ($80,000), a $400,000 home carries roughly $2,023 in principal and interest, plus about $533 in property taxes and insurance at national-average rates, which puts the all-in total around $2,556 per month. Your property tax rate is the biggest variable; it differs several-fold between states.
Is this calculator using real rates?
Yes. It pre-fills the national average of rates borrowers actually locked (published via FRED® by the St. Louis Fed, updated each weekday), not advertised teaser rates. You can override it with your own quote at any time.
Why does my lender approve me for more than this shows?
Lenders often approve up to 43–50% debt-to-income on some programs. Approval is about their risk, not your comfort. The 28/36 framing here is the conservative budget answer; the gap between the two is why "how much CAN I borrow" and "how much SHOULD I borrow" are different questions.
Related: Am I paying too much in closing costs? · Is my mortgage offer competitive? · Closing Cost Index