How much house can I afford?
A home costs far more than the mortgage payment. This adds insurance, taxes, and upkeep so you can see the true monthly cost before you make an offer.
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The true cost of owning a home
Listings and lenders focus on principal and interest, but that's only part of what you'll actually pay. Homeowners insurance, property taxes, HOA fees, and ongoing maintenance can add hundreds (sometimes over a thousand) dollars a month. This calculator adds them together and compares the total to your income, so the number you see is the number you'll live with.
The 28/36 guideline
A widely used rule keeps total housing costs at or under about 28% of your take-home pay, with housing plus all other monthly debt under 36%. Above those lines, a home starts crowding out savings and makes a single bad month (a repair, a slow paycheck) much harder to absorb.
What salary do I need | and how much to save?
A useful starting point is that annual income of roughly 3–4× the home's price keeps you within comfortable range. That works out to about $75,000for a $250,000 home, $100,000 for a $350,000 home, and $150,000 for a $500,000 home. Rates, taxes, and other debts shift these numbers meaningfully.
On the down payment side, 20% avoids private mortgage insurance and gives the smallest payment, but many buyers put down 5–10% with a conventional loan, or as little as 3.5% with FHA. Every extra dollar down shrinks the loan and the monthly cost.
See a tailored answer for your salary
Jump to a version of this calculator pre-filled for your income bracket.
Example scenarios
Within budget: On $6,000 take-home, a $1,500 mortgage with $120 insurance, $300 taxes, and $150 upkeep totals $2,070, about 35% of income. Trim a little and you're solidly comfortable.
A stretch: A $2,400 mortgage plus $180 insurance, $450 taxes, $250 upkeep, and $200 HOA is nearly $3,500 a month, close to 60% of that same income, which leaves almost nothing for savings or surprises.
Common home-buying mistakes
- Shopping by the mortgage payment instead of the full monthly cost.
- Forgetting property taxes and insurance, which are often escrowed and easy to miss.
- Underestimating maintenance, 1% of the home's value per year is a safer floor.
- Skipping a repair fund, then putting a broken furnace on a credit card.
- Buying at the top of what a lender approves, instead of what your budget can absorb.
Frequently asked questions
How much house can I afford on my income?
A common guideline keeps total housing costs (mortgage, insurance, taxes, upkeep, and HOA) at or below about 28% of your take-home pay, with housing plus all other debt under 36%. This calculator checks both.
What salary do I need to buy a house?
As a rough guide, plan on annual income roughly 3–4× the home's price. That points to about $75k for a $250k home, $100k for a $350k home, $130k–$150k for a $500k home, and $180k+ for a $650k home. Your down payment, interest rate, and other debts move this number a lot.
How much down payment should I save?
20% down avoids PMI and gives the smallest payment, but many buyers put down 5–10% with a conventional loan or as little as 3.5% with an FHA loan. A larger down payment lowers the loan, shrinks the monthly payment, and often removes PMI, freeing real monthly cash flow.
What's the 28/36 rule?
It's a lending guideline: keep total housing costs at or below 28% of gross income, and housing plus all other debt payments at or below 36%. Staying under both lines usually means the home fits without crowding out savings.
How much house can I afford on $50k, $75k, or $100k?
As a starting point: about $150k–$180k on a $50k salary, $220k–$260k on $75k, and $300k–$350k on $100k. Higher rates or heavy other debt push these lower. Use one of our salary-specific calculators for a tailored answer.
Why include insurance, taxes, and maintenance?
Because the mortgage payment alone hides the real cost of ownership. Homeowners insurance, property taxes, and routine upkeep can easily add 30–50% on top of principal and interest. Ignoring them is the most common reason new buyers feel house-poor.
What's a realistic maintenance budget?
A safe starting point is about 1% of the home's value per year, spread across 12 months. Older homes and larger properties often need more; newer builds may need less in the first few years.
Does a bigger down payment help?
Yes. A larger down payment lowers the amount you borrow, which shrinks the monthly mortgage and total interest, and often removes PMI, freeing up real monthly cash flow.
Is this financial advice?
No. The results are educational estimates based only on the numbers you enter, and are not financial, legal, or professional advice. Talk to a licensed lender or advisor before making a home purchase.
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Financial disclaimer
This calculator provides general educational estimates only. It is not investment, tax, legal, or professional financial advice, and it does not account for every part of your situation. For decisions that matter, consider speaking with a qualified professional. Read our full financial disclaimer.