Mortgage Affordability Calculator
Find out what you can afford based on your income and current market rates. This calculator is pre-filled with today's national median home price and the latest 30-year fixed mortgage rate.
What is PITI?
Principal + Interest + Taxes + Insurance. These four components make up your total monthly housing payment. If you put less than 20% down, PMI (Private Mortgage Insurance) is added as a fifth cost.
The 28/36 Rule
Lenders use two ratios to qualify borrowers. The front-end ratio (28%) caps housing costs at 28% of gross monthly income. The back-end ratio (36%) caps all debt payments at 36%. Exceeding these limits reduces approval odds and signals financial stretch.
$435,115
20% ($87,023)
6.300%
1.2%
$1,500
$0
$75,000
Total Monthly Payment
$2,715
Over-extended
Housing costs exceed 36% of gross income. Most lenders will flag this ratio.
Monthly Breakdown
Principal & Interest $2,155
Property Tax $435
Home Insurance $125
Total $2,715
Debt-to-Income
Front-end DTI (housing / income) 43.4%
Monthly gross income $6,250
Lifetime Cost
Loan amount $348,092
Total interest paid (30 yrs) $427,563
Total cost of ownership $1,064,319