How Much Home can I Afford? How We Calculate it.. The average American household income is $73,298, assuming you have no monthly debt payments you can afford a home priced at $285,000 with a 3.5% ($10,000) down payment for $1,800 per month.
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To calculate ‘how much house I can afford,’ a good rule of thumb is using the 28%/36% rule, which states that you shouldn’t spend more than 28% of your gross monthly income on home-related costs.
If you’re trying to keep your mortgage payments low to comfortably fit your budget, you may want a longer amortization period 5. But if you’re comfortable with a larger mortgage payment to save interest, consider a shorter one. You know the facts, now. Find out how much you can afford with our mortgage affordability calculator.
Use this mortgage affordability calculator to estimate how much house you can afford. Enter your annual income and monthly expenses to estimate the mortgage amount that fits your budget. Note: This home affordability calculator assumes a 20% down payment for conforming fixed-rate loans.
Find out how much you can afford to borrow with NerdWallet’s mortgage calculator. Just enter your income, debts and some other information to get NerdWallet’s recommendation for how big a mortgage.