How much house can I afford on my salary?
Start with gross monthly income. A conventional education cap of 28% housing / 36% total debt is a common first pass. HouseAfford converts those ratios into a max price using your debts, down payment, rate, taxes, insurance, and HOA. The result is a band, not a commitment.
Is this mortgage affordability calculator a pre-approval?
No. A pre-approval is a lender’s review of credit, income documentation, assets, and a credit pull. This site is a worksheet. It does not originate loans or reserve funds.
Should I use annual or monthly income?
Either. Annual salary is divided by 12. If you are paid hourly or have uneven months, convert a conservative year into monthly before you rely on the number. Lenders use documented gross income, not take-home pay.
What monthly debts should I include?
Minimum payments on auto loans, student loans, credit cards, personal loans, HELOCs, and court-ordered support. Skip utilities, groceries, and subscriptions. When in doubt, include a debt a credit report would show.
Why do conventional and FHA presets differ?
Conventional consumer tables often use 28/36. HouseAfford’s FHA preset is 29/41. HUD manual underwriting frequently cites 31/43, and automated engines can exceed both. Switch to Custom if your loan officer quoted different ratios.
Does the calculator include PMI or FHA MIP?
If you leave the box checked and the loan-to-value is above 80%, HouseAfford adds a 0.55% annual estimate of the loan amount. Real PMI and MIP pricing depends on credit, LTV, and program. Uncheck the box to see the price without that line.
Why is my max price lower than an online rule of thumb?
Rules like “3× income” ignore rate, tax, insurance, HOA, and debts. At a 6–7% 30-year rate with 1%+ property tax, the payment-based cap is often well below 3×. That is the point of a DTI calculator.
Can I afford more if I buy down the rate?
Paying points lowers the note rate and can raise the supported price, at the cost of cash at closing. Enter the bought-down rate and reduce the down-payment cash you still have after points. Compare both runs.
What if I pay cash?
Set down payment to 100% or enter a down-payment dollar amount with no loan. The remaining limit is carrying cost: tax, insurance, and HOA inside the housing cap. If those are entered as $0, the model cannot price a cash home.
Do you store my numbers?
Calculations run in the browser. A copy of the last inputs can stay in localStorage on your device and in the page URL if you share or bookmark it. There is no account and no application server. See Privacy.
Will a lender approve the max price on the screen?
Only if the rest of the file works: credit, employment, assets, property type, appraisal, and overlays. Many approvals land below the education-table maximum on purpose. Use the number as a ceiling, then shop inside it.
Does HouseAfford work outside the United States?
The formulas assume a US-style amortizing mortgage, property tax, HOA, and DTI convention. Other countries use different underwriting. Do not treat the result as a local qualification test.
Ready to run the numbers? Open the how much house can I afford worksheet.
HouseAfford is an educational estimate, not a pre-approval, pre-qualification, or offer to lend. Lenders also weigh credit, assets, employment, property type, and automated underwriting. Actual approval and payment will differ.