Calculate how much house you can afford.
Affordable price ≈ (monthly housing budget / mortgage payment per $1,000) × 1,000, constrained by DTI and down payment.
A $2,400/month budget at 6.8% over 30 years supports roughly a $360,000 loan before taxes and insurance.
Most lenders prefer a total debt-to-income ratio under 43%, with housing costs under 28–31% of gross income.
Affordability should account for property taxes, insurance, and HOA dues, not just principal and interest.
A larger down payment lowers the loan amount and may eliminate PMI, increasing the price you can afford.
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