How Much House Can I Afford Based on Salary?
Home Affordability Calculator
Estimate how much house you can afford based on your income, down payment, and current interest rates using the 28/36 rule.
Home Affordability
Max Home Price
$409,159
Loan Amount
$369,159
Monthly Payment
$$2,333
Down Payment %
9.8%
Frequently Asked Questions
What is the 28/36 rule?
The 28/36 rule says spend no more than 28% of gross monthly income on housing costs (mortgage, taxes, insurance) and no more than 36% on total debt (housing plus other debts).
How much down payment do I need?
Conventional loans typically require 3-20% down. FHA loans allow 3.5%. VA and USDA loans may require 0% down. Putting 20% avoids private mortgage insurance (PMI).
How does interest rate affect affordability?
Higher rates significantly reduce buying power. At 6% vs 7%, on a $400,000 loan, the monthly payment difference is about $270/month, translating to roughly $50,000 in borrowing power.