Determining How Much House You Can Afford

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Input your net (after tax) income and the calculator will display rentals up to 40% of your estimated gross income. Property managers typically use gross income to qualify applicants, so the tool assumes your net income is taxed at 25%.

To determine how much house you can afford, use this home affordability calculator to get an estimate of the property price you can afford based upon your income and debt profile. Generally, lenders cap the maximum monthly housing allowance (including taxes and insurance) to lesser of Front End Ratio (28% usually) and Back End Ratio (36% usually).

How Much Can I Afford? FHA Mortgage Calculator. Use the following calculator to help you determine an affordable monthly payment so that you know what you can afford before you make an offer on the home you want to purchase.

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How Much House Can I Afford One way to determine how much you can afford to borrow is based on the 28/36 rule. What this means is that your total monthly housing costs (including mortgage, property taxes, homeowners insurance and any homeowner association dues) should not exceed 28 percent of your gross income.

To calculate the maximum mortgage payment you can afford under the back-end ratio, take your annual income, divide it by 12, and then multiply by 0.36 (or whatever your lender’s back-end ratio is).

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To determine ‘how much house can I afford,’ use the 36% rule, which states your monthly mortgage expenses and other debt payments shouldn’t exceed 36% of your gross monthly income.

Two ways of looking at affordability. By this measure, a single adult with a $50,000 annual salary, or $4,167 in gross pay per month, can pay housing costs of up to $1,167 per month. This includes payments toward your mortgage principal, interest, real estate taxes and homeowners insurance.

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To determine how much house you can afford, most financial advisers agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36.