HOW MUCH HOUSE CAN I AFFORD?
Use this affordability calculator to estimate your homebuying budget based on income, debts, down payment, and interest rate.
Comfortable Purchase Price
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Understand What You Can Afford Before You Start House Hunting
This home affordability calculator helps you estimate how much house you can afford based on your income, monthly debts, down payment, and interest rate.
It’s designed to give you a smart starting point before you start touring homes — so you can set a realistic homebuying budget and avoid falling in love with homes that are outside your financial comfort zone.
Once you input your details, you’ll see:
- An estimated purchase price you can afford
- An interactive mortgage payment slider that shows how changes in your monthly budget affect your buying power
- Whether your estimated payment falls within a comfortable debt-to-income ratio
This tool is perfect for anyone planning to buy a home in Ohio, especially first-time and budget-conscious buyers.
How This Affordability Calculator Works
To estimate your home purchase price, the calculator looks at:
- Your annual income
- Your monthly debts (credit cards, student loans, auto payments, etc.)
- Your available down payment
- An estimated mortgage interest rate
From there, it calculates a comfortable purchase price range using a debt-to-income ratio (DTI) guideline — a key factor lenders use when determining loan approval.
It also gives you the flexibility to experiment with your maximum monthly payment using a slider, so you can see how stretching (or tightening) your budget affects what you can afford.
Debt-to-Income Ratio Impacts Affordability
Your debt-to-income ratio, or DTI, plays a big role in determining how much house you can afford. DTI compares your total monthly debt payments (including the projected mortgage) to your gross monthly income.
- A DTI at or below 36% is generally considered comfortable
- A DTI above 43% may be a red flag for lenders unless compensating factors are present
The calculator provides live feedback based on your inputs, so you can see if your estimated monthly payment fits well within your budget or if it may stretch your finances.
Factors That Impact Affordability
Several factors can significantly affect how much house you can afford:
- Your down payment – A larger down payment reduces your loan amount and may eliminate mortgage insurance.
- Interest rates – A lower rate means a lower monthly payment, which boosts your purchasing power.
- Loan term – Shorter terms (like 15 years) have higher payments; longer terms (like 30 years) lower monthly costs.
- Monthly debts – Lowering your monthly obligations (like paying down credit cards or auto loans) increases how much house you can afford.
Even a small change in any of these areas can affect your price range by thousands of dollars.
Why This Affordability Calculator Matters
It’s easy to overestimate or underestimate what you can afford — especially when home prices, interest rates, and insurance costs vary so widely.
This house affordability calculator is designed to give you a data-driven answer to the question:
“How much house can I afford?”
…so you can house hunt with clarity and confidence.
For a deeper look at your payment, check out the Home Purchase Calculator.
Not sure if buying now is the right move? Try the Buy Now vs Wait Calculator.
A Trusted Guide for Ohio Homebuyers
I’m T.C. Strait / Mortgage Loan Officer, a licensed mortgage broker helping Ohio homebuyers for over 20 years. Whether you’re buying your first home or upgrading to your next one, I’m here to help you understand your options, calculate realistic price ranges, and get pre-approved when you’re ready.
This calculator is a great first step. When you want to get specific, I’ll walk you through the next steps.
Schedule a consultation today — no pressure, just straightforward advice.
Home Affordability Frequently Asked Questions
How much house can I afford on my salary?
It depends on your income, monthly debts, and down payment. Most buyers can afford a home where the total mortgage payment is 28–36% of gross monthly income, though that can vary depending on loan type and other factors.
What’s included in the estimated monthly payment?
Your payment estimate includes principal, interest, property taxes, homeowners insurance, and mortgage insurance (if applicable). It’s a full picture of what you’ll likely pay each month.
What’s a good debt-to-income ratio?
A DTI under 36% is often considered ideal. Some loan programs allow higher DTIs, but staying under this threshold tends to mean more favorable loan terms.
How much should I spend on a house?
That depends on your comfort level, not just what a lender will approve. This tool helps you align your homebuying budget with a monthly payment that feels manageable for you.
Can I afford more if I put more money down?
Yes. A higher down payment reduces your loan size, which lowers your monthly payment. It can also help you avoid private mortgage insurance and improve your DTI ratio.
Ready to Figure Out How Much House You Can Afford?
If you’re serious about buying a home and want help reviewing your budget, I’m here to help.
Let’s figure out how much house you can truly afford — together.