Home affordability calculator

Estimate a home price that fits your income, debts and down payment using housing and total debt-to-income ratios, with taxes, insurance and PMI included.

Estimates only, not an offer of credit. Express Approvals is not a lender or mortgage broker, doesn't make loans or credit decisions and can't guarantee approval, rates or terms. Results depend entirely on the numbers you enter. Everything is calculated in your browser; nothing you type is sent to us.

How this calculator works

Your budget for housing is the smaller of (a) the housing ratio × monthly income and (b) the total DTI ratio × monthly income minus your other debts. Subtracting insurance and HOA dues leaves the amount available for principal, interest, property tax and PMI. Because those all scale with the price, the calculator solves for the home price directly. If your down payment is at least 20% of that price, PMI is dropped and the price is recalculated.

The result is not a pre-approval. Lenders verify income, assets and credit and use their own DTI limits.

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Frequently asked questions

What debt-to-income ratio do lenders use?

It varies by lender and loan program. The CFPB explains DTI as your monthly debt payments divided by gross monthly income. You can change the ratios in this calculator to match what a lender tells you.

Does the down payment include closing costs?

No. Enter only the cash you'll put down. Keep separate funds for closing costs, prepaid items and reserves.

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Equal Housing Opportunity. We support the Fair Housing Act and the Equal Credit Opportunity Act: it is illegal to discriminate in housing or lending on the basis of race, color, religion, national origin, sex (including sexual orientation and gender identity), familial status, disability or, for credit, age, marital status or receipt of public assistance. Learn more.