HOME BUYING TOOLS
Home Affordability Calculator
Determine how much home you can afford based on your income, debts, and down payment.
Your Financial Profile
Income
$
Your total income before taxes
Monthly Debts
$
$
$
$
Loan Details
Conventional: 28% / 36% DTI guidelines. PMI required if < 20% down.
$
%
Pick a city to auto-fill the property tax rate.
%
Virginia average: ~1.1% of home value
%
Typically 0.3% - 0.7% of home value
$
$0 if no HOA. Lenders count this as part of housing cost.
%
Typically 2% - 5%. Includes lender fees, title, prepaids.
Your Affordability
You Can Afford a Home Up To
$320,000
Estimated Monthly Payment
$2,125
Principal & Interest
$1,575
Property Taxes
$293
Home Insurance
$133
Debt-to-Income Ratios
Front-End DTI (Housing)
28%
Back-End DTI (Total Debt)
36%
Summary
Loan Amount
$280,000
Down Payment %
12.5%
Monthly Income
$7,083
Total Monthly Debts
$650
Cash Needed at Closing
Down Payment
$40,000
Closing Costs
$11,200
Reserves (2 mo. PITI)
$4,250
Total Cash to Close
$55,450
Many first-time buyers show up to closing unprepared. Budget for all three:
down payment, closing costs, and 2 months of reserves.
This calculator provides estimates only. Actual affordability depends on many factors including credit score, debt-to-income ratio, and lender requirements. Consult with a mortgage professional for accurate figures.
Understanding Debt-to-Income Ratios
Front-End DTI
This ratio compares your housing costs (mortgage, taxes, insurance) to your gross monthly income.
Target: 28% or less is ideal. Most lenders allow up to 31%.
Back-End DTI
This ratio includes all your monthly debt obligations (housing + car loans + credit cards + other debts).
Target: 36% or less is ideal. Most lenders allow up to 43%.
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