What Home Price Fits Your Monthly Budget?
Start with the payment you want. See what that could mean for your home search.
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Your numbers
Includes the mortgage payment, estimated taxes, homeowners insurance, mortgage insurance, and HOA. Budget separately for utilities and maintenance.
A list price, an offer you’re considering, or just a number you keep seeing.
If at least one buyer hasn’t owned a home in the last 3 years, a conventional loan can start at 3% down. Otherwise the minimum is usually 5%, though some income-based programs still allow 3%.
Down payment only, not your total savings. Keep cash for closing costs and emergencies. Results never go below your loan type’s minimum down payment.
Use a lender quote if you have one. The example below is not a current rate quote.
Adjust taxes, insurance & loan details
USDA guaranteed loans are 30-year fixed only.
If you have a specific home in mind, its tax history on the listing or the county’s rate is a better guide. State averages can understate what you’ll pay on a new purchase.
Costs vary a lot by state, area, and the home itself. A quote for the home you’re considering is the best number.
Lender and title fees, plus prepaid items like the first year of insurance and escrow deposits. Affects cash to close only, not the monthly payment.
Leave blank to estimate it from your down payment. Actual PMI depends on your credit score and the insurer. Applies only under 20% down.
The property-tax percentage is a planning approximation. Actual taxes and insurance depend on the property. Insurance and HOA stay fixed dollar amounts unless you change them. This tool uses a fixed-rate model. FHA, VA, and USDA fees use currently published rates and assume the upfront fee is added to the loan.
Your estimate
At your monthly target
Assumptions in use
Estimates only, based on the assumptions shown. This tool does not assess income, debts, credit, program eligibility, or loan limits. A result is not a loan approval, rate quote, offer, or commitment to lend, or a determination of what you qualify for.
The part a calculator can’t do
What you’ll actually qualify for
This tool doesn’t know your income, your debts, or your credit. A pre-approval does, and it turns this estimate into a real price range.
See how it works
A worked example: conventional loan
Say you haven’t owned a home in the last three years, you want to stay around $3,000 a month, and you have $20,000 set aside for a down payment. Using the calculator’s example assumptions (6.75% on a 30-year fixed, property tax at 1% of the price a year, $1,800 a year for insurance, no HOA, and closing costs at about 3% of the price):
- Estimated home price
- about $384,000
- Down payment
- $20,000about 5.2% of the price
- Monthly payment
- about $3,000includes about $167 in estimated PMI
- Cash to close
- about $31,500$20,000 down plus about $11,500 in closing costs and prepaids
Notice the gap. The $20,000 is the down payment, but you’d need about $31,500 to close, before any seller credits. That’s why I never want you planning on putting every dollar you have into the down payment.
Illustrative example only. It isn’t a rate quote, loan offer, or approval, and your numbers will be different.
Behind the number
What lenders look at
Affordability is part math and part comfort. Here’s what a lender weighs. Then there’s the part only you get to decide: what payment still lets you live your life.
- Income
- Steady income you can document, like pay stubs, W-2s, or tax returns. If you’re self-employed, it’s about how the business shows up on paper.
- Monthly debts
- Car payments, student loans, credit card minimums, and other regular payments.
- Debt-to-income ratio
- Your monthly debts plus the new housing payment, compared with your gross monthly income. The limits depend on the loan type and the rest of your file.
- Credit
- Your history and scores shape which options you have and what they cost. The score in your app often isn’t the one a mortgage lender uses.
- Down payment & savings
- What you bring to closing, plus what’s left in the bank afterward.
- The home itself
- Its taxes, insurance, HOA dues, and appraisal all affect the loan, not just the price.
Where to begin
A simple way to start
- Pick a payment that fits your life. Not the most a lender will approve. The number that still leaves room for everything else you care about.
- Run it both ways. Start with your budget, then switch to a price you’ve seen and compare.
- Talk to me before you’re “ready.” Six months before you want to buy is ideal, and three is a solid minimum. That time gives us room to strategize instead of scramble.
- Get pre-approved when you’re ready to shop, so you know your real range before you fall for a house.
Good questions
Questions people ask me
What’s a debt-to-income ratio?
It’s your monthly debt payments, including the new house payment, divided by your gross monthly income. Each loan type sets its own limits, and other parts of your file can shift them. VA loans also look at residual income, which is what’s left each month after your major expenses.
Can I qualify for more than I want to spend?
Very often, yes. A pre-approval amount is a ceiling, not a target. I’d rather help you find the payment you’ll still feel good about a year from now than the biggest number you can technically get.
What if my credit needs work?
Talk to me anyway, and sooner rather than later. Some of what people do to “fix” their credit before buying doesn’t move the needle the way they expect, and some of it can backfire. Time lets us focus on the changes that actually matter.
Does the estimate include taxes and insurance?
Yes. The payment includes principal and interest, property taxes, homeowners insurance, mortgage insurance when it applies, and HOA dues. Utilities, repairs, and upkeep come on top of that, so budget for them separately.
Is this how much I can borrow?
No. It shows what price fits a payment under the assumptions you enter. It doesn’t look at your income, debts, credit, or program eligibility. A pre-approval does.
Can I use this for a VA loan with $0 down?
Yes. Choose VA, enter $0 down, and pick your funding fee situation. The fee is added to the loan unless you’re exempt, and the VA decides exemption based on things like disability compensation. VA loans don’t have monthly mortgage insurance.
Why does my down payment limit the price?
Every loan type has a minimum down payment. For conventional, it’s 3% if at least one buyer hasn’t owned a home in the last 3 years, and usually 5% if everyone has. FHA is 3.5%, and VA and USDA can be 0%. The calculator won’t show a price your down payment can’t meet, so if your budget could go higher, it stops at the highest price where your down payment still covers the minimum and tells you so.
Where do the PMI and program fee numbers come from?
FHA, VA, and USDA fees use each program’s currently published rates. Conventional PMI is a planning estimate based on your down payment. Your actual PMI depends on your credit score and the mortgage insurer, so enter a real quote if you have one.
Why might my actual cash to close be different?
Closing costs vary by lender, state, title company, and loan type, and prepaids depend on your taxes, insurance, and closing date. Seller credits, lender credits, and down payment assistance can lower what you bring.
This page is for education. It isn’t a loan offer or commitment to lend. Approval, terms, and costs depend on your situation and lender guidelines.
Want to check this against a home you’re looking at?
Send me the listing. I’ll help you figure out what the payment could look like for that home.
No specific home yet? Text me your question or email it.