Home Affordability Calculator

The 28/36 rule says your housing costs should not exceed 28% of gross monthly income (front-end ratio), and total debt payments (housing + car + student loans, etc.) should not exceed 36% (back-end ratio). Lenders use these as qualifying guidelines.

Conventional loans typically require 5–20% down. FHA loans require 3.5% (with 580+ credit score). VA and USDA loans offer 0% down for eligible buyers. A 20% down payment avoids PMI (private mortgage insurance), which costs 0.5–1.5% of the loan amount annually.

Budget for: property taxes (0.5–2.5% of home value annually), homeowners insurance ($1,200–$2,000/year), HOA fees if applicable, maintenance (1–2% of home value/year), and closing costs (2–5% of purchase price).