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**How much house can I afford** is a home affordability calculator to estimate how much house can I afford. The home affordability calculator uses annual income and monthly debt to estimate **how much mortgage can I afford** and how much I can pay monthly.
The how much house can I afford calculator includes options for taxes and insurance. It does not include options for PMI or private mortgage insurance. When a borrower pays less than 20% for a down payment, they may have to pay for private mortgage insurance that lenders require.

If you are a first time home buyer, use this **home buying calculator** to estimate what kind of house that you can afford to buy. Based on the annual income and monthly debt, the home affordability calculator estimates how much can pay in monthly mortgage payments. This will determine **how much home can I afford**.

There are many variables that need to be taken into account to calculate how much house you can afford such as your annual income, monthly debt, down payment that you plan to make, interest rate, loan terms, property tax and insurances, one time fees (closing costs, application fees, moving in costs and others) and monthly HOA fees. After subtracting all your costs from your yearly income, you will be able to estimate the amount of monthly mortgage payment that you are able to pay and then determine how much home can you afford to buy.

The basic formula for calculating how much house you can afford is two and half times your annual income. Let's say you make $100,000 a year, the house you can afford is 2.5 times $100,000 equals $250,000.

This is low if you are living in a city where the house prices are high like in New York City or Los Angeles. Many mortgage lenders use a 28-36 ratio to determine how much mortgage they can lend you. The 28 percent is a PITI (principal, interest, taxes, and insurance) to income ratio which means your household expenses should not exceed 28 percent of your gross monthly income. The 36 percent ratio measures your total monthly debt which means your total monthly debts including PITI must be less than 36 percent. The debt includes all types of debt that you may have such as student loans, personal loans, car loans, credit card debts, and so on.

Let's calculate how much house you can afford if you make $100,000 per year using the 36 percent ratio formula. For simplicity, we will ignore the down payment, tax and insurance, HOA fees, one time fees, and private mortgage insurance (lenders require that you pay a PMI when your down payment is less than 20%) from our formula. Assuming the interest rate is 5% with a loan term of 30 years, you can afford a house that costs around $600,000 with a monthly payment of $3,000.00. There is a big difference between the $250,000 house calculated with the basic formula and the $600,000 using the 36 percent ratio. You will have to make your own decision on which formula to use based on how much you have in savings for a down payment, how much monthly mortgage payments you are willing to pay, how much you need to pay for PITI, and other costs that you may need to consider such as closing cost, moving in cost, and renovation costs.

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