The golden rule in determining how much home you can afford is that your monthly mortgage payment should not exceed 28 percent of your gross monthly income (your income before taxes are taken out). For example, if you and your spouse have a combined annual income of $80,000, your mortgage payment should not exceed $1,866.
To determine ‘how much house can I afford,’ use the 36% rule, which states your monthly mortgage expenses and other debt payments shouldn’t exceed 36% of your gross monthly income.
The home affordability calculator from realtor.com helps you estimate how much house you can afford. Quickly find the maximum home price within your price range.
Input your net (after tax) income and the calculator will display rentals up to 40% of your estimated gross income. Property managers typically use gross income to qualify applicants, so the tool assumes your net income is taxed at 25%.
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Zillow’s Home Affordability Calculator will help you determine how much house you can afford by analyzing your income, debt, and the current mortgage rates.
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The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That’s a $120,000 to $150,000 mortgage at $60,000. You also have to be able to afford the monthly.
To determine how much house you can afford, most financial advisers agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36.
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Using a factor of your household income, you can quickly gauge how much house you can afford. The total house value should be a maximum of 3 to 5 times your total household income, depending on how much debt you currently have.
To get that number back down to a monthly housing budget of $1,250, you’ll need to lower the price of the house you can afford to $172,600. Use the calculator to try out other combinations to find the right mortgage amount, interest rate and down payment combo that will work for your budget.