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How much home can I afford?

This calculator computes the most expensive house you can buy based on the highest payment you can afford, but does not indicate whether you would qualify for the loan.

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Calculator Results

You can afford a home worth $306,977.72 without getting the tax benefit.
However, you can afford a home worth $384,680.78 with the tax benefit.


Calculator results detail

Monthly Payment Breakdown

Pre-tax benefit

After-tax benefit

Principal and interest

$1,603.53

$2,009.42

Property tax

$319.77

$400.71

PMI

$96.70

$121.17

Monthly insurance and other costs

$80.00

$80.00

Monthly association dues

$0.00

$0.00

Tax savings

$0.00

($511.30)

Total payment

$2,100.00

$2,100.00


Loan Details

Pre-tax benefit

After-tax benefit

Home price

$306,977.72

$384,680.78

Down payment

$30,697.77

$38,468.08

Amount financed

$276,279.95

$346,212.70

Total finance charges

$300,990.65

$377,178.82

Total of payments

$577,270.60

$723,391.52


Loan to value ratio

90.000 %

90.000 %

Calculator tips

This calculation uses the interest portion of your first payment to calculate a monthly tax benefit. Your actual tax benefit usually changes over the life of the loan. Talk to your tax advisor regarding the ongoing tax benefit and the possibility of adjusting your withholdings to account for the extra interest deduction. If this option is right for you, more money may be available for you to apply toward your monthly house payments.

You may also want to talk to a qualified financial professional regarding the effects of wage increases and home appreciation.

Loan points and fees are not considered in this calculation.

If your mortgage has less than 20% down, Private Mortgage Insurance (PMI) will be factored into the highest payment you can afford. Since the PMI is not a part of the loan, it is not included in the amortization schedule detail but it is part of the calculation.

Calculator disclaimer

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.

Presented by TimeValue Software ©2025

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