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Affordability Calculator
Find out how much home you can comfortably afford based on your income, existing debts, and savings. Get a realistic budget for your home search.
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Monthly: $8,333
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Include car payments, student loans, credit cards, etc.
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%
You Can Afford Up To
$363,785
Based on a 30-year mortgage at 6.5% interest
Conservative Estimate
$327,406
Leaves room for unexpected expenses and rate changes
Max Monthly Housing Payment$2,333
Max Loan Amount$313,785
Down Payment$50,000
Front-End DTI28.0%
Back-End DTI34.0%
How We Calculate Affordability
Our calculator uses the 28/36 rule, a guideline lenders commonly use:
- 28% Rule (Front-End DTI): Your housing costs shouldn't exceed 28% of your gross monthly income
- 36% Rule (Back-End DTI): Your total debt payments shouldn't exceed 36% of your gross monthly income
We take the more conservative of these two limits and include estimates for Florida property taxes (~1% of home value) and insurance (~0.5% of home value) in our calculations.
Pro Tip: Just because you can borrow a certain amount doesn't mean you should. Consider your lifestyle, savings goals, and potential income changes when setting your budget.