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Home, Property & Mortgages

Home Affordability Calculator

Work out the most expensive home your monthly housing budget can support, including property tax as a share of price, insurance and fees.

Your inputs

Enter your local effective rate.

Results

Maximum home price

$367,593.44

Mortgage amount
$317,593.44
Monthly principal & interest
$2,007.41
Monthly property tax
$367.59
Down payment as % of price
13.6%

≈Estimate based on the stated model and assumptions

Inputs are never added to links for financial, salary or health calculators.

What this calculator does

Instead of starting from lender ratios, start from the monthly amount you are comfortable paying. Because property tax rises with the price, the tool solves for the price where everything fits your budget.

Formula and method

Budget = (Price − Down) × k + Price × tax% ÷ 12 + insurance ÷ 12 + HOA, where k = i ÷ (1 − (1 + i)^−n). Solving: Price = (Budget − insurance/12 − HOA + Down × k) ÷ (k + tax% ÷ 12).

Worked example

Calculated by this tool with its default inputs:

Inputs

  • Total monthly housing budget: 2500 (any currency)
  • Down payment: 50000 (any currency)
  • Mortgage rate (annual): 6.5 %
  • Loan term: 30 years
  • Property tax rate (% of price per year): 1.2 %
  • Home insurance per year: 1500 (any currency)
  • HOA / service charges per month: 0 (any currency)

Results

  • Maximum home price: 367,593.44
  • Mortgage amount: 317,593.44
  • Monthly principal & interest: 2,007.41
  • Monthly property tax: 367.59
  • Down payment as % of price: 13.6%

How to read the results

If the down payment share is low you may also face mortgage insurance, which this budget does not include.

Assumptions and limitations

  • Location-dependent costs (taxes, insurance, fees) are entered by you; the tool never assumes local rates.
  • Closing costs and maintenance are separate.

Financial results are estimates based on the inputs and assumptions shown. They are not financial advice; confirm figures with your lender, provider or a qualified adviser before making decisions.

Questions

How is this different from the mortgage affordability calculator?

That tool applies lender debt-to-income limits to your income; this one starts from the payment you choose.

Methodology and verification

Result type
Estimate based on the stated model and assumptions
Formula version
1.0
Automated verification
3 reference and validation test cases, checked against independently computed values. The site cannot be built if any of them fail.
Editorial review
Awaiting human editorial review. The explanation was drafted with AI assistance; the formula and examples are verified by the automated tests above.

Privacy

Everything you enter is calculated in this browser and is not sent to Numerith or anyone else. Because this calculator can involve personal financial or health details, your inputs are never added to share links or saved to history. Privacy policy