# How House Can You Afford

Home Affordability Calculator. This calculator will give you a better idea of how much you can afford to pay for a house and what the monthly payment will be. Home affordability calculator 1. monthly income Before Taxes \$ 2. Down Payment \$ 3.

A common rule of thumb is up to a third of your take home pay should be spent on housing. By the time maintenance, taxes, insurance, and other related expenses are factored in, that leaves about 25-28% for the actual mortgage.

But by using an online mortgage calculator and plugging in a 20% down payment with an average interest rate of 5% on a 30-year mortgage, you’ll get a good idea of how much house you can afford. If you’ve calculated that you can spend up to \$1800 per month on your mortgage and can put 20% down, you can afford a \$420,000 home.

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If you want to do the calculation manually, let’s look at five ways to calculate how much house you can afford, beginning with a standard rule of thumb. 1. Multiply Your Annual Income By 2.5 or 3.

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So if you’re earning \$80,000 per year (and you have a reasonable amount of job security and don’t expect wild fluctuations in your income anytime soon), you can afford a house up to three times.

How much house can I afford? Based on the salary information you provided and the assumptions we have made below, this is the price of the most expensive house you can afford to buy: Your monthly cost to cover principal, interest, taxes, and insurance ( PITI ) for your new home will be \$

Here’s the rule I use to determine how much house you can afford based on your income – let’s call it to the 2x income rule. Simply, you should only spend two times your annual gross income on a house.

See how much you can afford to spend on your next home with our Affordability Calculator. Calculate your affordability to see what homes fit into your budget. Rent. Post A Rental Listing. Mortgage. Mortgage Overview Get Pre-Qualified Mortgage Rates Refinance Rates.