How Much Home Can I Afford?

Q: How much home can I afford based on income?

Affordability depends on gross income, monthly debt obligations, down payment, interest rate, taxes, insurance, HOA costs and the debt-to-income ratio used by a lender.

Q: What is debt-to-income ratio?

Debt-to-income ratio compares recurring monthly debt payments with gross monthly income. Lenders use it as one measure of whether a borrower can support the proposed housing payment.

Q: Does a larger down payment increase affordability?

Usually, because a larger down payment reduces the loan amount and monthly principal and interest. The effect still depends on rate, taxes, insurance, HOA and underwriting requirements.

Estimate a purchase price from income, debts, financing and housing costs.

Gross monthly household income

Monthly debt payments

Down payment

Interest rate

Advanced assumptionsLoan term, taxes, insurance, HOA and DTI

Loan term

years

Property tax

% / yr

Homeowners insurance

$ / mo

HOA

$ / mo

Target total debt-to-income

Estimated max home price$381,183

Estimated loan amount$304,947

Target monthly housing$2,590

Estimated down payment$76,237

Affordability is an estimate, not a lending decision. The advanced assumptions are already included in the result and can be expanded if you want to adjust them.

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How Much Home Can I Afford?

A calculator gives you one answer. Invyzer connects the whole deal.

Estimate how much home your income and debts can support.