OmniCalcsMortgage Affordability Calculator
Find the home price and loan you can afford from your income, debts and the 28/36 rule.
How to Use This Mortgage Affordability Calculator
Enter your gross monthly income and any other required monthly debts (car, student loans, credit cards). Add the rate, term and down payment you expect. The calculator returns the largest home price that still fits the 28/36 rule.
- Front-end (28%) — housing payment (PITI) should stay at or below 28% of gross income.
- Back-end (36%) — housing plus other debts should stay at or below 36% of gross income.
- Taxes & insurance — subtracted from PITI before converting the remainder into a loan.
Practical Example
Gross income of $8,000 a month and $400 of other debts, at 6.5% for 30 years with 20% down:
- Front-end cap = 28% × $8,000 = $2,240
- Back-end cap = 36% × $8,000 − $400 = $2,480
- Maximum PITI is the smaller number: $2,240
- That payment supports a loan of about $354,000 and a home price of about $442,000 with 20% down.
What Your Results Mean
- Home price — the purchase price implied by the loan plus your down payment.
- Loan amount — the principal a 28/36 payment can support at your rate and term.
- Down payment needed — cash at the chosen percentage of that price, before closing costs.
- PITI — principal, interest, taxes and insurance combined.
Frequently Asked Questions
What is the 28/36 rule?
A common underwriting guideline: housing costs at most 28% of gross income, and housing plus other debts at most 36%. Some loan programs allow higher back-end ratios.
Does this guarantee I will be approved?
No. Lenders also weigh credit score, employment history, reserves and the property itself. Treat this as a planning ceiling, not an offer.
Should I include taxes and insurance?
Yes if you know them. They are part of PITI. Leave the field at 0 to size the loan from principal and interest only, then subtract later.
What counts as other monthly debts?
Minimum payments you must make: auto loans, student loans, personal loans and credit card minimums. Do not include utilities or groceries.
Why is 20% down the default?
A 20% down payment typically avoids private mortgage insurance (PMI). You can change the percentage to match the cash you actually have.