Mortgage Affordability Calculator (USA)
Estimate the maximum home price you may afford using income, debts (DTI), down payment, taxes, insurance, HOA, and PMI assumptions. Includes charts and a clean monthly breakdown.
Inputs
Results
| Monthly breakdown | Amount |
|---|---|
| Principal & interest (P&I) | $0 |
| Property tax | $0 |
| Homeowners insurance | $0 |
| HOA | $0 |
| PMI | $0 |
| Total housing (PITI+HOA+PMI) | $0 |
Note: If you enter property tax as a rate, the tool estimates tax from the calculated home price. PMI is estimated from the loan amount and the PMI rate (if enabled).
Visual
How to use
- Enter household income, monthly debts, down payment, and an expected mortgage rate.
- Choose your loan term and set property tax (rate or annual), insurance, HOA, and PMI settings.
- Set DTI limits (front-end and back-end) and click Calculate.
- Review the monthly breakdown and the charts. Adjust assumptions until the scenario feels realistic.
What mortgage affordability means in the US
Mortgage affordability is a planning estimate of the maximum home price you might reasonably target based on your gross income, monthly debts, and expected housing costs. In the US, lenders often evaluate affordability using debt-to-income ratios (DTI). A front-end ratio compares housing costs to gross monthly income, while a back-end ratio compares all monthly debts (including housing) to gross monthly income.
Housing costs are typically estimated as PITI: principal and interest (P&I), property taxes, and homeowners insurance. Depending on the property and loan, your budget may also include HOA dues and PMI (private mortgage insurance). PMI is often required when the down payment is below roughly 20% and can materially change the monthly payment.
This calculator combines these parts into a single estimate. It solves for a home price that fits both a front-end DTI limit (housing only) and a back-end DTI limit (housing plus other debts). Because property taxes and PMI can depend on the home price and loan amount, the calculator uses an iterative approach to find a maximum value under your assumptions.
Be careful with the inputs that vary most by location: property taxes and homeowners insurance. Even within the same state, taxes can differ by county and neighborhood. If you have a specific listing or ZIP code, replace the planning tax rate with a more accurate estimate. Likewise, insurance can vary based on replacement cost, hazards, and coverage levels.
Finally, affordability isn’t only about DTI. Lenders may consider credit score, cash reserves, job history, and the type of loan. Your personal comfort level matters too: an “approved” payment may still feel tight if it limits savings or makes your budget fragile. Use this estimate to narrow your search range, then validate the final numbers with a lender and real quotes.