How Much House Can I Afford?
Estimate a comfortable home-price range using your income, monthly debts, available cash and the complete housing payment—including taxes, insurance, mortgage insurance and HOA fees.
Start your home search with clearer expectations.
Home affordability depends on more than your salary. Your down payment, interest rate, existing debts, loan term, property taxes, homeowners insurance, mortgage insurance, association dues and closing costs all influence the result.
Use this calculator for an educational estimate, then contact David Braun, NMLS #303007, for a personalized mortgage review based on your actual documentation and current loan options.
Your information
Adjust the assumptions to match your situation.
Eligible veterans and surviving spouses may have access to VA financing, including possible zero-down-payment options. Eligibility, funding fees and loan approval requirements apply.
Advanced settings
Your estimate
Illustrative results based on the information entered.
Monthly payment breakdown
Principal & interest$0
Mortgage insurance$0
Property taxes$0
Homeowners insurance$0
HOA fees$0
Calculator disclaimer: Results are estimates for educational purposes only and do not constitute a prequalification, preapproval, Loan Estimate, credit decision, rate quote or commitment to lend. The calculation uses the assumptions entered and a simplified debt-to-income approach. It does not evaluate program-specific underwriting, credit, assets, income stability, residual income, property eligibility, mortgage limits, taxes, insurance, special assessments, exemptions or all closing costs. Actual results can differ materially.
What determines how much house you can afford?
Income
Lenders evaluate eligible, documented income—not simply money deposited into an account. Self-employed and variable income may require additional analysis.
Monthly debts
Car payments, student loans, credit obligations and other recurring debts affect how much room remains for a housing payment.
Cash to close
Your funds may need to cover a down payment, lender and third-party costs, prepaid taxes and insurance, escrow deposits and reserves.
Interest rate
A different rate changes the principal-and-interest payment and can move the estimated affordable price even when everything else stays the same.
Property taxes
Chicagoland property taxes can vary substantially by property and community, making them a major part of total affordability.
Insurance and HOA
Homeowners insurance, mortgage insurance, flood insurance when required and association dues must be considered alongside the mortgage.
The same home price can produce two very different payments.
A $400,000 property in one community may have a significantly different tax bill than a $400,000 property elsewhere. Exemptions, reassessments, local tax rates, insurance costs and association dues can all change the payment. Use the calculator’s advanced settings for a preliminary estimate, then review the actual property information before making an offer.
Home affordability FAQ
How much home can I afford on my salary?
There is no single salary-to-price formula that fits every buyer. Income, debts, cash, credit, rate, loan program, taxes, insurance and HOA costs must be evaluated together. Your comfortable budget may also be lower than a lender’s maximum qualifying amount.
How much down payment do I need?
The required down payment depends on the loan program, property, occupancy and borrower eligibility. Some eligible programs permit less than 20% down, but mortgage insurance or other costs may apply. Closing costs and reserves are separate considerations.
Does a 20% down payment eliminate PMI?
For many conventional transactions, an 80% loan-to-value ratio can avoid borrower-paid private mortgage insurance, but program details matter. FHA mortgage insurance and other structures follow different rules.
What should I enter for Chicagoland property taxes?
Use an estimated annual tax rate only during early planning. When evaluating a particular home, use its actual tax bill and discuss exemptions, reassessment and future changes with qualified local professionals.
What is debt-to-income ratio?
Debt-to-income ratio compares qualifying monthly debt obligations with eligible gross monthly income. Different programs and underwriting systems apply different standards, so the calculator’s target is not a promise of qualification.
How do I get mortgage preapproved?
Contact a licensed mortgage professional, complete an application and provide authorization and documentation for the required review. A preapproval is stronger than a calculator estimate but remains subject to its terms, property review, verification and final underwriting.
Why can my actual payment change?
Property taxes, insurance, mortgage insurance and association costs can change. Adjustable-rate features or temporary buydowns can also affect future payments. Review the loan terms and complete projected payment carefully.
Turn your estimate into a real Chicagoland homebuying plan.
David Braun has worked in the mortgage business since 1997. Contact David to review your potential buying power, complete payment, cash to close and available mortgage options before you begin making offers.
David Braun • Mortgage Loan Officer • NMLS #303007 • Serving Chicago and the surrounding suburbs
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