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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. If you earn $5,500.
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.
How Much House Can I Afford? When you’re buying a home, mortgage lenders don’t look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating.
Once you know how much you can borrow add to that your down payment to calculate the maximum house price you can afford. In this example, the maximum loan amount is calculated at $203,000. If you have a $20,000 down payment, you can purchase a $223,000 house. The higher your down payment, the higher the purchase price you can afford.
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Use the Money Advice Service mortgage affordability calculator to find out how much mortgage you can afford to borrow for your new house
Estimate How Much Mortgage I Can Afford
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Housing ratio denotes the amount you spend on housing expenses (including any existing mortgage payment). In general, this ratio shouldn’t exceed 28% of your gross monthly income. In general, this ratio shouldn’t exceed 28% of your gross monthly income.
Add that amount to your maximum mortgage amount, and you have a good idea of the most you can spend on a home. Note: If you put less than 20 percent down, your mortgage lender will required you to pay private mortgage insurance (pmi), which will increase your non-mortgage housing expenses and decrease how much house you can afford.