Complete guide
House affordability calculator using income, debt and housing costs
Enter household income, existing debts, down payment, mortgage terms, taxes, insurance and ratio limits. Calculator24 solves a home price whose full monthly housing cost fits both limits.
Affordability versus qualification
CFPB explains that the amount a lender may approve can differ from the payment that fits your priorities. Treat the result as a scenario ceiling, then compare it with your actual budget.
Front-end and back-end ratios
The housing ratio compares housing cost with gross income. The total DTI adds other monthly debt.
housing ratio=housing payment/gross monthly incomeDTI=(housing payment+other debt)/gross monthly incomeComplete housing payment
The solved payment includes mortgage principal and interest, property tax, homeowners insurance, HOA and entered mortgage insurance. Utilities and maintenance remain outside it.
How price is solved
The engine finds the price whose loan payment plus price-based tax and fixed costs fit the smaller monthly ratio budget. The loan amount is price minus down payment.
Stress-test the result
Try a higher interest rate, realistic repairs and a lower ratio. Keep cash for closing and emergencies instead of assuming the entire available balance becomes down payment.
Monthly housing components
| Included | Outside model |
|---|---|
| Principal and interest | Utilities |
| Property tax | Maintenance |
| Insurance and PMI | Closing cash |
| HOA | Personal savings goals |
Frequently asked questions
What is DTI?
Monthly debt payments divided by gross monthly income.
Are 28% and 36% universal rules?
No. They are editable planning assumptions; lenders and products differ.
Does the result include property tax?
Yes, using the annual percentage you enter.
Are utilities and repairs included?
No. Reserve for them separately.
Does this guarantee loan approval?
No. Credit, assets, documentation, loan rules and lender underwriting also matter.
What to keep in mind
A lender's qualification is not a personal budget. Utilities, maintenance, closing cash, rate changes and underwriting rules are not fully modeled.
Results display up to 8 decimal places; exported numbers preserve calculation precision. This is a calculation summary, not an official certificate.