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💰 Open PayCalc Pro →💸 Free Down Payment Help
Most first-time buyers don't know this: all 50 states offer down-payment assistance, often $5,000–$25,000+. You may qualify even with average credit.
See the checklist step →No more than 28% of your gross monthly income should go to housing. No more than 36% to ALL debt combined. These are the two numbers lenders use to approve or deny your mortgage.
It's the ratio lenders use to size your max mortgage. 28% is the most your monthly housing payment (principal, interest, taxes, insurance, and HOA) should be as a share of your gross monthly income. 36% is the cap on ALL debt combined — housing plus car loans, student loans, credit cards, etc. This calculator uses both limits, then shows you the lower (safer) number.
Your ZIP code sets the estimated property tax rate used in the affordability math, since property tax varies a lot by county — it can swing your monthly payment by hundreds of dollars. It's still an estimate; your county assessor's office has the exact current rate for your specific address.
The rates shown are general market averages for conventional, FHA, and VA loans, used as a default starting point. Your actual rate depends on your credit score, down payment, loan type, and lender — always get a real quote before treating this as final.
Yes. If your down payment is under 20%, the calculator factors in estimated PMI (private mortgage insurance), plus estimated homeowner's insurance and property tax, so the affordability number reflects your real monthly housing cost — not just principal and interest.
No. This is a free estimate based on the numbers you type in. A real pre-approval comes from a licensed lender who pulls your credit and verifies your income and debts. Use this tool to get a ballpark before you talk to a lender, not instead of it.