Home Affordability Calculator

How much house can I afford?

The budget you set for your home will impact your financial picture for decades. Find your ideal price range by entering your income, monthly debts, and preferred mortgage terms. Our calculator determines a realistic budget based on industry standards for housing costs (28-30% of income) and overall debt-to-income ratio (36%).

Loan Term (Years)

Annual Household Income

$150,000

Monthly Household Debt

$0

Mortgage Interest Rate

6.5%

Desired Down Payment

20%

• Conservative
• Moderate
• Risky

You can easily afford a home up to:

$585,085

Debt To Income Ratio

28.00%

Monthly Payment

$3,500

Required Down Payment

$117,017

Total Loan Amount

$468,068

Assuming national average 1.1% property tax, 0.6% insurance and 0.75% PMI if your down payment is less than 20%.

Content is meant for informational purposes only. This should not be construed as solicitation or recommendation of any investment or investment strategy.

Make the Most of our Mortgage Calculator

Here's how to figure out your home buying budget in a few easy steps:

Check Your Monthly Budget

1. Aim to spend no more than 30% of your monthly income on housing
2. Quick math: A $250,000 yearly income means about $6,250/month for housing

Look at Your Other Expenses

1. List all your monthly payments (car loans, student loans, etc.)
2. Lenders typically like to see your total bills (including future mortgage) under 36% of your income
3. The lower your current expenses, the more you can spend on housing

Factor in All Housing Costs

Your monthly housing payment includes:

• Mortgage payment
• Property taxes
• Home insurance
• HOA fees (if applicable)
• Utilities and maintenance

Don't Forget Upfront Costs

1. Down payment: 20% is ideal, but first-time buyers often pay 7-15%
2. Closing costs: About $3,000 plus 3-6% of the home price

Finding the right balance helps you buy a home you'll love without stretching your finances too thin.

Your mortgage is just the beginning.

While our Home Affordability Calculator is designed to give you a clear picture of what's possible based on your financial situation, these numbers only tell part of the story.

We'll answer your questions every step of the way.

Our team of Certified Financial Planners provide a holistic approach to financial planning that covers everything from down payments and mortgage types, to how this major purchase fits into your overall financial plan. We analyze your financial standing, your investment strategies, and even your long-term life goals, then tailor a plan to make your dream home a reality.

Ready to get started?

Go beyond exploring your price range, and truly explore finding a home that fits not only your life - but your big picture financial situation. Range offers comprehensive Wealth Management services to guide you through the home-buying journey.