{
    "name": "House Affordability Calculator",
    "url": "https://calculators.geekmidst.com/calculators/house-affordability-calculator",
    "markdown": "https://calculators.geekmidst.com/calculators/house-affordability-calculator.md",
    "category": "Real estate",
    "description": "Estimate the home price you can afford from your income, debts, down payment and mortgage rate using housing and total-debt ratio limits you can adjust.",
    "summary": "Lenders cap housing costs and total debt payments at a share of gross income, often around 28% and 36%. Working backwards from those limits gives the largest loan, and so the price, you can afford.",
    "also_called": [
        "Home affordability calculator",
        "How much house can I afford calculator"
    ],
    "applies_to": "Worldwide",
    "last_updated": "2026-10-29",
    "computation": "Results are computed in the visitor’s browser on the HTML page. This API describes the calculator; it does not compute results.",
    "inputs": [
        {
            "name": "income",
            "label": "Gross annual income",
            "type": "number",
            "default": "120000"
        },
        {
            "name": "debts",
            "label": "Monthly debt payments",
            "type": "number",
            "default": "500",
            "optional": true
        },
        {
            "name": "down",
            "label": "Down payment",
            "type": "number",
            "default": "60000",
            "optional": true
        },
        {
            "name": "rate",
            "label": "Mortgage rate",
            "type": "number",
            "default": "6.5",
            "unit": "%"
        },
        {
            "name": "years",
            "label": "Loan term",
            "type": "select",
            "default": "30",
            "options": {
                "10": "10 years",
                "15": "15 years",
                "20": "20 years",
                "25": "25 years",
                "30": "30 years"
            }
        },
        {
            "name": "tax_rate",
            "label": "Property tax",
            "type": "number",
            "default": "1.1",
            "unit": "% of value a year",
            "optional": true
        },
        {
            "name": "insurance",
            "label": "Home insurance (per year)",
            "type": "number",
            "default": "1500",
            "optional": true
        },
        {
            "name": "hoa",
            "label": "HOA or service charges (per month)",
            "type": "number",
            "default": "0",
            "optional": true
        },
        {
            "name": "front",
            "label": "Housing cost limit",
            "type": "number",
            "default": "28",
            "unit": "% of income"
        },
        {
            "name": "back",
            "label": "Total debt limit",
            "type": "number",
            "default": "36",
            "unit": "% of income"
        },
        {
            "name": "currency",
            "label": "Currency",
            "type": "currency",
            "default": "USD"
        }
    ],
    "outputs": [
        {
            "key": "price",
            "label": "Home price you can afford",
            "format": "currency"
        },
        {
            "key": "loan",
            "label": "Mortgage amount",
            "format": "currency"
        },
        {
            "key": "housing",
            "label": "Monthly housing cost",
            "format": "currency"
        },
        {
            "key": "pi",
            "label": "Principal and interest",
            "format": "currency"
        },
        {
            "key": "tax_monthly",
            "label": "Property tax per month",
            "format": "currency"
        },
        {
            "key": "limited_by",
            "label": "Limit that applies",
            "format": "text"
        }
    ],
    "formula": {
        "text": "H = min(Front% × Income/12, Back% × Income/12 − Debts);  Loan = (H − Down × t/12 − Insurance/12 − HOA) ÷ (k + t/12);  Price = Loan + Down",
        "variables": {
            "H": "maximum monthly housing cost",
            "k": "monthly payment per unit borrowed, i(1+i)^n ÷ ((1+i)^n − 1)",
            "t": "property tax rate per year"
        }
    },
    "worked_example": {
        "inputs": {
            "income": "120000",
            "debts": "500",
            "down": "60000",
            "rate": "6.5",
            "years": "30",
            "tax_rate": "1.1",
            "insurance": "1500",
            "hoa": "0",
            "front": "28",
            "back": "36",
            "currency": "USD"
        },
        "steps": [
            "Monthly income = 10,000. Housing limit 28% = $2,800; debt limit 36% − 500 = $3,100. The lower, $2,800, applies.",
            "At 6.5% over 30 years, k = 0.0063207 per unit borrowed; tax is 1.1% ÷ 12 of the price; insurance $125 a month.",
            "Loan = (2,800 − 60,000 × 0.011/12 − 125) ÷ (0.0063207 + 0.011/12) = $362,011.11; price = $422,011.11.",
            "Check: 2,288.16 P&I + 386.84 tax + 125 insurance = $2,800."
        ],
        "result": "On $120,000 a year with $500 of monthly debts and $60,000 down, the 28/36 guideline points to a home of about $422,000."
    },
    "interpretation": "This is the most the ratios allow, not a comfortable budget. Leave room for maintenance, savings and rate rises, and remember that closing costs and mortgage insurance (with a small down payment) add to the cost.",
    "assumptions": [
        "Fixed-rate mortgage with monthly payments.",
        "The 28% and 36% limits are common guidelines you can change; they are not legal limits.",
        "Property tax is a percentage of the purchase price."
    ],
    "limitations": [
        "Mortgage insurance, closing costs and lender-specific credit rules are not included.",
        "Income is gross (before tax), as lenders usually use."
    ],
    "rules": null,
    "faqs": [
        {
            "question": "What is the 28/36 rule?",
            "answer": "A widely used guideline: housing costs should not exceed 28% of gross monthly income, and all debt payments including housing should not exceed 36%."
        },
        {
            "question": "How can I afford more?",
            "answer": "Pay down other debts, save a larger down payment or find a lower rate. Reducing a $500 car payment raises the budget only if the debt limit is the one that applies."
        }
    ],
    "sources": [],
    "related": [
        {
            "name": "Mortgage Calculator",
            "url": "https://calculators.geekmidst.com/calculators/mortgage-calculator"
        },
        {
            "name": "Mortgage Payoff Calculator",
            "url": "https://calculators.geekmidst.com/calculators/mortgage-payoff-calculator"
        },
        {
            "name": "Loan Calculator",
            "url": "https://calculators.geekmidst.com/calculators/loan-calculator"
        },
        {
            "name": "EMI Calculator",
            "url": "https://calculators.geekmidst.com/calculators/emi-calculator"
        }
    ],
    "disclaimer": "This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ.",
    "publisher": "GM¹X CalcVerse"
}