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National Mortgage Guides

How much house can I afford?

A home price whose monthly payment fits within a share of your income that you choose. Enter your own numbers; nothing is filled in for you.

Before taxes.

Car loans, student loans, card minimums. Not rent.

The rate a lender quoted you.

Yearly, as a percent of the home's value.

Loan term

Used if your down payment is under 20% of the price. Use the yearly rate a lender quotes.

Your limits

A common rule of thumb, which you can change. Lenders set their own limits, and they differ by loan and lender.

A home price that fits these limits

Enter your income and an interest rate to see an estimate.

Estimate only, not an offer.

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How This Is Worked Out

  • Your monthly budget is the smaller of two limits: housing costs as a share of your gross monthly income, and all debts (housing plus your other payments) as a share of it.
  • The limits start at 28% and 36%, a common rule of thumb. They aren't a lender rule: lenders set their own limits, and they differ by loan and lender.
  • The price is the highest one whose first-year payment fits that budget: principal and interest on a fixed-rate conventional loan, property tax at the rate you enter, homeowners insurance, HOA dues and, under 20% down, private mortgage insurance at the rate you enter.
  • It leaves out closing costs and the savings you'd want to keep after buying.

National Mortgage Guides is not a lender or mortgage broker. This is an estimate from the numbers you enter, not a loan offer. A lender has to give you a Loan Estimate with the real figures.

Sources

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