Home Affordability Calculator
Find out exactly how much home fits within your budget before you start shopping.
What This Calculator Does
By weighing your income, existing monthly debt obligations, and available down payment against the debt-to-income benchmarks lenders rely on, this calculator pinpoints a realistic home price range for you.
Who Is This For
Buyers who want to anchor their search to a firm, realistic budget, anyone just beginning to explore homeownership, and shoppers who need to understand their true purchasing power in the Miami market.
How It Works
Fill in your annual income, current monthly debt payments, the down payment you have available, your anticipated interest rate, and your desired loan term. The calculator will return the maximum home price you can comfortably support.
Frequently Asked Questions
What debt-to-income ratio do lenders use?
Lenders generally look for a total DTI no higher than 43%, and they want housing costs — mortgage, taxes, and insurance combined — to stay within 28-31% of your gross income.
Does this include property taxes and insurance?
The estimate here is based on principal and interest only. Plan to set aside an additional 1-2% of the home's value each year to cover taxes and insurance.
How does my credit score affect affordability?
A stronger credit score unlocks lower interest rates, which directly expands what you can afford. Even a 1% improvement in your rate can make a meaningful difference in purchasing power.
Should I buy at my maximum affordability?
Buying at the top of your range leaves little room for the unexpected. Targeting a price below your ceiling preserves financial cushion for emergencies, ongoing maintenance, and everyday lifestyle costs.