Mortgage Affordability Calculator
Find out how much house you can afford based on income, existing debts, down payment and interest rate. Enter your numbers — your affordable price range appears instantly using the standard 28/36 rule.
Details
How to use
- Enter your gross monthly income before tax and your current monthly debt payments.
- Enter the down payment you can pay and the expected interest rate and loan term.
- Your maximum affordable monthly payment and home price appear instantly.
Note: The 28/36 rule limits housing costs to 28% of gross income and total debts to 36% of gross income. This is an estimate. Confirm actual loan terms with your bank.
Tips
- Stay in the comfortable range, not at the maximum — unexpected costs always appear.
- Pay down existing debts before applying; every rupee of debt reduces your affordable payment.
- A longer loan term lowers the monthly payment but raises total interest a lot.
Frequently Asked Questions (FAQ)
What is the 28/36 rule in mortgage affordability?
The rule says housing costs should stay under 28 percent of gross monthly income, and all monthly debts including housing should stay under 36 percent.
Does this calculator give a guaranteed loan amount?
No, it is an estimate. Lenders also check credit history, employment and the property value.
Is a bigger down payment better?
Yes, a bigger down payment lowers the loan amount, the monthly payment and the total interest paid.
What inputs does the affordability calculator need?
Your gross monthly income, current monthly debt payments, the down payment you can pay, the expected interest rate and the loan term in years.