Tool

Affordability calculator

Three separate estimates from one income figure: what house price, monthly rent, and vehicle price generally fit a budget.

Gross monthly income ($)Before taxes and deductions. All three estimates below use this figure.

House — the 28/36 rule

Existing monthly debt payments ($)Car loans, student loans, card minimums — not the mortgage you're solving for.Down payment ($)Interest rate (%)Loan term (years)Property tax rate (% of value/year)The U.S. average effective rate runs near 1.1%.Homeowners insurance ($/year)

Max home price

$246,337

Max loan amount

$206,337

Est. monthly payment (PITI)

$1,680

Limited by the 28% housing-cost rule (your existing debts leave room to spare under the 36% total-debt rule).

Rent — the 30% rule

Max monthly rent

$1,800

Annual income landlords look for

$72,000

Car — the 20/4/10 rule

Down payment ($)Interest rate (%)Loan term (years)Insurance & upkeep ($/month)The 10% rule covers the payment plus insurance and running costs.

Max vehicle price

$22,611

Max loan amount

$18,611

Max monthly payment

$450

Lenders may approve you for more than these figures. Being approved for a payment and being able to live comfortably with it are two different things.

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Learn the concept

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