How much house can I afford?
Enter your income, monthly debts and down payment. The calculator finds the highest price that fits common lender rules. It counts the full monthly payment: loan, taxes, insurance, HOA and PMI.
How do lenders decide how much house I can afford?
Lenders compare your monthly debts to your gross monthly income, which is called your debt-to-income ratio. A common guideline keeps the full housing payment near 28% of income. It keeps housing plus other debts, like a car or student loan, near 36%. Many loan programs allow higher ratios, and some allow less, so treat this as a starting point.
What does the monthly payment include?
The estimate includes principal and interest, property taxes, homeowners and flood insurance, any HOA or condo fee, and mortgage insurance when you put down less than 20%. In Florida, insurance is often the surprise. In Texas, property taxes usually are. Replace the starting values with real quotes for the home you like.
What should I do next?
Talk to a licensed lender for a pre-approval. Then check the Florida first-time buyer programs or the Texas first-time buyer programs, and the down payment help in each state. When you're ready, search homes in your price range.