Find your price before you fall in love.
Your income, your debts, and the cash you have ready decide what you can borrow. See the number before a listing decides it for you.
Start with what comes in and what goes out.
Four numbers set your range: what you earn, what you already owe, what you can put down, and the rate you expect to get.
$392,000
Comfortable
At this price your housing payment sits inside what lenders treat as a comfortable share of your income.
This is what your numbers suggest, not what you have been approved for. No one has verified your income or your credit yet.
The minimum you must pay each month on credit cards, car loans, and student loans. Leave any current mortgage out of it.
Regular obligations that take a real share of your budget, like childcare or tuition.
Cash you can put toward the purchase, not counting closing costs. More here raises everything below it.
A starting assumption, not an offer. Your rate is priced to your file.
Your numbers
- Most you should spend on housing
- $2,500.00
- Debt-to-income at this price
- 36.0%
- Gross monthly income
- $8,333
- Existing monthly obligations
- $500
- Down payment
- $60,000
- Loan amount
- $332,000
What the payment is made of
$2,496.54
per month
- Principal & interest $2,098.47 84%
- Property tax $179.67 7%
- Homeowners insurance $179.67 7%
- Estimated PMI $38.73 2%
An estimate built from what you entered — not a quote or an approval. Mortgage insurance is priced by your credit and your down payment. This is a representative card.
How a lender arrives at your number.
This tool works the way underwriting does — from the share of your income a housing payment is allowed to take.
Your income sets the ceiling
Lenders cap the share of your gross monthly income that can go to a housing payment, and a second, higher cap on everything you owe together. The lower of the two is your room.
Your debts come out first
Car payments, student loans and card minimums are subtracted before housing gets any of it. Paying one off often moves your price range further than saving the same amount does.
The payment is the whole payment
Taxes, homeowners insurance, mortgage insurance and HOA dues all count against that room. A price that ignores them is a price you cannot actually close on.
A price range is a guess. A pre-approval is proof.
Sellers take offers from buyers who are already approved. A loan officer can verify your file and put that letter in your hand.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.