Find out how much house you can afford based on your income, debt and down payment.
How much house can you afford?
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Always double-check important financial decisions with a qualified professional. This calculator provides estimates for guidance purposes. Results may vary based on your specific circumstances.
First-time buyers consistently underestimate true homeownership costs by focusing only on the mortgage payment. Property tax, insurance, maintenance, and unexpected repairs can easily add 30-50% on top of the principal and interest payment.
A widely-used maintenance rule of thumb is 1% of home value per year — a $400,000 home should budget roughly $4,000/year (about $333/month) for upkeep, repairs, and eventual replacements like roofing, HVAC, and appliances.
Closing costs add another upfront expense most first-time buyers underestimate, typically running 2-5% of the purchase price. On a $350,000 home, that's $7,000-17,500 due at closing, separate from your down payment — a number that catches many buyers off guard during budgeting.
Use the calculator above to find your maximum comfortable home price based on income and existing debt, then build in an additional buffer beyond that number for the true all-in cost of ownership — tax, insurance, maintenance, and the inevitable surprises that come with owning rather than renting.