Safe · 25%
Conservative
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estimated home price
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Buying a home is the largest financial decision most people ever make, and the mortgage that finances it shapes household finances for decades. This calculator estimates your true monthly cost — not just principal and interest, but the full PITI payment your lender actually collects each month. Understanding the pieces that make up that number helps you compare loans, spot deals that are too good to be true, and plan for the real cost of ownership.
A mortgage is a loan secured by your home. The lender gives you the money to buy the house, and in return you promise to pay it back over 10 to 30 years, with interest. Each monthly payment is split between interest (the cost of borrowing) and principal (the amount that reduces your debt). Early in the loan, most of your payment is interest; as the balance shrinks, more of each payment goes to principal. This split is what the amortization schedule on this calculator visualizes, and it is why a 30-year loan costs dramatically more in total interest than a 15-year loan at the same rate.
Your actual monthly payment to the lender includes four things, which is why the industry calls it PITI:
Condos and planned communities add HOA fees on top, which are paid directly to the association rather than through the lender's escrow account. Property tax rates vary dramatically by state — from about 0.28% in Hawaii to over 2.2% in New Jersey and Illinois — which is why selecting your state in this calculator materially changes the total payment.
A common guideline is that total housing costs (PITI plus HOA) should stay under 28% of your gross monthly income, and total debt payments under 36%. Lenders use variations of these ratios — called the front-end and back-end DTI — to decide how much they'll lend. Just because a lender approves you for a number doesn't mean you should borrow that much; factor in maintenance (roughly 1% of home value per year), commuting, and lifestyle.
A 15-year loan has higher monthly payments but far less total interest and faster equity build-up. A 30-year loan gives you flexibility with a lower required payment, and you can always pay extra voluntarily to accelerate payoff. There is no single right answer — it depends on your income stability, other financial goals, and the rate spread between terms (15-year rates are typically 0.5%–0.75% lower than 30-year).
Interest rate is the cost of borrowing the principal. APR adds in loan-related fees — origination points, processing fees, some closing costs — and expresses the total yearly cost. APR gives a fairer comparison because it captures fees that rate alone hides. Always compare loans by APR, not by rate, especially when lenders advertise teaser rates with heavy points.
Every extra dollar applied to principal eliminates all the future interest that dollar would have generated. On a 30-year loan at 7%, adding an extra $100/month can shave 5–6 years off the term and save tens of thousands in interest. Enter an extra payment in the Advanced section of this calculator and the summary will show exactly how much you save.
The classic rule of thumb is to refinance if you can drop your rate by at least 0.75 to 1 percentage point and you plan to stay in the home long enough to recoup the closing costs (usually 2–4 years). Also consider refinancing to drop PMI once you've reached 20% equity, or to switch from an ARM to a fixed rate before the adjustment period begins.
Conventional loans generally require at least 620, with the best rates at 740+. FHA loans allow scores as low as 580 (with 3.5% down) or even 500 (with 10% down). Every 20-point drop in credit score typically costs you 0.125%–0.25% in rate, which adds up to tens of thousands over a 30-year loan.
Comprar una casa es la decisión financiera más grande que la mayoría de las personas toma, y la hipoteca que la financia moldea las finanzas del hogar durante décadas. Esta calculadora estima tu costo mensual real — no solo el capital y el interés, sino el pago PITI completo que tu prestamista cobra cada mes. Entender las piezas que forman ese número te ayuda a comparar préstamos, detectar ofertas demasiado buenas para ser verdad y planificar el costo real de ser propietario.
Una hipoteca es un préstamo garantizado por tu casa. El prestamista te da el dinero para comprar la vivienda, y a cambio prometes pagarlo durante 10 a 30 años, con intereses. Cada pago mensual se divide entre interés (el costo de pedir prestado) y capital (el monto que reduce tu deuda). Al principio del préstamo, la mayor parte del pago es interés; a medida que el saldo disminuye, más va al capital. Esa división es lo que la tabla de amortización visualiza, y es la razón por la que un préstamo a 30 años cuesta mucho más en interés total que uno a 15 años a la misma tasa.
Tu pago mensual real al prestamista incluye cuatro cosas, y por eso la industria lo llama PITI:
Los condominios y comunidades planificadas agregan cuotas HOA encima, que se pagan directamente a la asociación. Las tasas de impuestos prediales varían mucho por estado — desde aproximadamente 0.28% en Hawái hasta más del 2.2% en Nueva Jersey e Illinois — razón por la cual seleccionar tu estado en esta calculadora cambia el pago total de forma importante.
Una guía común es que los costos totales de vivienda (PITI más HOA) se mantengan por debajo del 28% de tu ingreso mensual bruto, y los pagos totales de deudas por debajo del 36%. Los prestamistas usan variaciones de estas proporciones — llamadas DTI delantero y trasero — para decidir cuánto prestarán. Que un prestamista te apruebe por cierta cantidad no significa que debas pedir tanto; considera mantenimiento (aproximadamente 1% del valor al año), transporte y estilo de vida.
Un préstamo de 15 años tiene pagos mensuales más altos pero mucho menos interés total y construcción de capital más rápida. Un préstamo de 30 años da flexibilidad con un pago requerido menor — y siempre puedes pagar extra voluntariamente para acelerar. No hay una única respuesta correcta; depende de la estabilidad de ingresos, otras metas financieras y la diferencia de tasa (las tasas a 15 años suelen ser 0.5%–0.75% más bajas que las de 30).
La tasa de interés es el costo de pedir prestado el capital. El APR añade los cargos relacionados con el préstamo — puntos de originación, cargos de procesamiento, algunos costos de cierre — y expresa el costo anual total. El APR da una comparación más justa porque captura cargos que la tasa sola esconde. Compara préstamos siempre por APR, no por tasa.
Cada dólar extra aplicado al capital elimina todo el interés futuro que ese dólar habría generado. En un préstamo de 30 años al 7%, agregar $100 extra al mes puede recortar 5–6 años del plazo y ahorrar decenas de miles en interés. Ingresa un pago extra en la sección Avanzada y el resumen mostrará exactamente cuánto ahorras.
La regla clásica es refinanciar si puedes bajar tu tasa al menos 0.75 a 1 punto porcentual y planeas quedarte en la casa el tiempo suficiente para recuperar los costos de cierre (usualmente 2–4 años). También considera refinanciar para eliminar el PMI una vez que alcances 20% de capital, o para cambiar de un ARM a una tasa fija antes del período de ajuste.
Los préstamos convencionales generalmente requieren al menos 620, con las mejores tasas a partir de 740. Los préstamos FHA permiten puntajes tan bajos como 580 (con 3.5% de pago inicial) o incluso 500 (con 10% de pago inicial). Cada caída de 20 puntos en el puntaje crediticio típicamente cuesta 0.125%–0.25% en la tasa, lo que suma decenas de miles en 30 años.
Use our free home affordability calculator to estimate your budget based on income, debt, and current mortgage rates.
Knowing how much mortgage you can afford is the first step to buying a home with confidence. This mortgage affordability calculator uses the proven 28/36 rule to translate your income and monthly debt into a realistic house budget — complete with property tax, insurance, and PMI where applicable.
A home affordability calculator helps you answer one of the most important questions in home buying: how much house can I afford? Instead of handing you the maximum a lender might approve, a good affordability calculator translates your income, monthly debt, down payment, and current mortgage rate into a realistic price range you can comfortably live with month to month.
Our mortgage affordability calculator uses the industry-standard 28/36 rule to produce three side-by-side scenarios — conservative, recommended, and aggressive — so you can see both the safe option and the stretch option before you ever talk to a lender. It automatically factors in property taxes, homeowners insurance, and PMI when your down payment is below 20%.
Most lenders and financial advisors follow a simple guideline called the 28/36 rule: total monthly housing cost (principal, interest, taxes, and insurance — known as PITI) should stay under 28% of your gross monthly income, and your total monthly debt payments — including car loans, student loans, and credit cards — should stay under 36%.
For example, if you earn $90,000 a year ($7,500 a month), the 28/36 rule caps housing at about $2,100 and total debt at $2,700. If you already pay $450 a month toward other debt, your realistic housing budget drops to roughly $2,250 — whichever is lower. This is exactly why the house budget calculator above considers both rules at the same time.
On a $70,000 salary (≈$5,833/month gross), the 28/36 rule caps monthly housing costs at about $1,633. With a 10% down payment, a 6.75% rate, and a 30-year term, that supports a home price in the low- to mid-$220,000s after property tax, insurance, and PMI. Your exact number depends on existing debt, credit score, and local tax rates — enter your numbers above to see a personalized estimate.
The 28/36 rule is a lending guideline stating that your monthly housing costs should stay under 28% of your gross monthly income, and your total monthly debt payments should stay under 36%. Housing costs include principal, interest, property taxes, homeowners insurance, HOA fees, and PMI — collectively known as PITI.
At $100,000 (≈$8,333/month gross) with no other debt, the 28% rule allows about $2,333/month for housing. With 10% down at 6.75% on a 30-year loan, that works out to roughly $310,000–$330,000 in home price after taxes, insurance, and PMI. Larger down payments, no existing debt, and lower rates push the number higher.
Yes — significantly. A higher credit score qualifies you for a lower interest rate, and even a 0.25% rate reduction can add $15,000–$25,000 to your affordable home price on a 30-year loan. Scores of 740+ typically earn the best conventional rates, while scores below 620 may require an FHA loan or manual underwriting.
Most financial planners recommend staying at or below the Recommended (28%) scenario unless you have strong job security, low debt, and substantial savings. The Aggressive (32%) scenario may be approvable by lenders but leaves less room for emergencies, retirement saving, and lifestyle. Aim for the option that still lets you save 15%+ of income after all housing costs.
No. This home affordability calculator gives an independent estimate based on the 28/36 rule. A lender pre-approval reviews your credit report, income documentation, and assets, and provides a specific maximum loan amount. Use this calculator first to set your own target, then pursue pre-approval to confirm and lock in a rate.
Estimates only. Property tax (1.1%), insurance (0.35%), and PMI (0.6% when down payment is under 20%) are national averages and will vary by state, lender, and borrower. Not financial advice — consult a licensed mortgage professional before making a home-buying decision.