GetToolr

How to Use This Calculator

Enter your annual income, monthly debts, and down payment amount. The calculator shows the maximum home price you can afford under three different loan programs (Conventional, FHA, VA), each with their own DTI limits. Check the "Monthly Leftover Cash" section to see if you would actually be comfortable at that payment level.

Calculator

Home Affordability Calculator

How much house can you afford? Compare Conventional, FHA, and VA limits side by side.

Your Finances

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$
$

Loan Terms

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yr
%
$
$

Monthly Leftover Cash

Just because you qualify doesn't mean it's comfortable. Check what's left after housing + debts.

Conventional

$4,600

Comfortable

FHA

$4,411

Comfortable

VA

$4,184

Comfortable

Conventional

DTI: 28%/36%

$290,000

max home price

Monthly Payment$1,983
P&I$1,577
Tax$290
Insurance$117
Front-End DTI28.0%
Back-End DTI35.1%
Down Payment17.2%

FHA

DTI: 31%/43%

$315,000

max home price

Monthly Payment$2,173
P&I$1,741
Tax$315
Insurance$117
Front-End DTI30.7%
Back-End DTI37.7%
Down Payment15.9%

VA

DTI: None/41%

$345,000

max home price

Monthly Payment$2,400
P&I$1,938
Tax$345
Insurance$117
Front-End DTI33.9%
Back-End DTI40.9%
Down Payment14.5%

Debt-to-Income Rules by Loan Type

Conventional

28% / 36%

Front-end: housing costs under 28% of income. Back-end: total debts under 36%. The most conservative limits, but best rates and no ongoing mortgage insurance once you hit 78% LTV.

FHA

31% / 43%

More flexible DTI limits. Can go up to 50% back-end with compensating factors. Requires 3.5% minimum down. Mortgage insurance stays for the life of the loan.

VA

None / 41%

No front-end limit. Back-end guideline of 41% but can be exceeded with residual income. Zero down payment. No mortgage insurance. Funding fee of 1.25-2.15% added to loan.

Qualifying vs Comfortable

Banks will lend you the maximum they think you can repay. That does not mean you should borrow that amount. A family earning $85,000/year might qualify for a $380,000 home under FHA guidelines, but their monthly leftover cash after housing and debts could be uncomfortably tight.

The calculator includes a "Monthly Leftover Cash" section for exactly this reason. A good rule of thumb is to keep at least 30% of your gross monthly income available after housing costs and debt payments. This leaves room for groceries, transportation, savings, and unexpected expenses.

The real affordability test

Before buying, try living on the projected budget for 3 months. Take your current rent payment, add the difference between that and the projected mortgage payment, and transfer that extra amount into savings each month. If you are comfortable after 3 months, you can handle the mortgage.

Costs Beyond the Mortgage

  • Property tax: Varies wildly by state. Texas has effective rates around 1.8%, while Hawaii is around 0.3%. This can mean a $300/month difference on the same priced home.
  • Homeowner's insurance: Budget $1,000-2,500/year for most markets. Coastal areas and disaster-prone zones can be $3,000-5,000+.
  • Maintenance: Budget 1-2% of home value per year. A $350,000 home needs $3,500-7,000 annually for upkeep.
  • HOA fees: If applicable, $100-500+/month. Always check what the HOA covers and review their reserves.
  • Utilities: Homeowners typically pay more for utilities than renters, especially for water, trash, and lawn care.

Frequently Asked Questions

How much house can I afford on a $100,000 salary?
With a $100,000 salary, 20% down payment, and no other debts, you can typically afford a home around $350,000-400,000 with a conventional loan using the 28/36 rule. FHA guidelines allow up to $450,000+ because they permit higher debt-to-income ratios. However, qualifying for a certain amount does not mean you should spend that much. Consider your comfort level and monthly leftover cash.
What is the 28/36 rule?
The 28/36 rule is a guideline used by conventional lenders. Your housing costs (mortgage, taxes, insurance, HOA) should not exceed 28% of your gross monthly income (front-end ratio). Your total monthly debt payments (housing plus car loans, student loans, credit cards) should not exceed 36% of gross income (back-end ratio).
How much should I put down on a house?
20% down avoids PMI on conventional loans, saving you $100-300+/month. However, FHA allows 3.5% down and VA allows 0% down for eligible veterans. Putting less down means buying sooner but paying more monthly. There is no universally correct answer. It depends on your savings, monthly budget comfort, and how much PMI would cost.
What DTI ratio do FHA loans allow?
FHA loans allow a front-end ratio up to 31% and a back-end ratio up to 43%, though borrowers with strong compensating factors (high reserves, minimal payment shock, excellent credit) can be approved up to 50% back-end DTI. This is significantly more flexible than conventional guidelines.

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