Calculate how much house you can afford based on income, debts, down payment, and current mortgage rates. 2026 home buying calculator.
CL
CalcLeap Editorial Team
Reviewed by certified professionals · Last updated April 1, 2026
Calculate how much house you can afford based on income, debts, down payment, and current mortgage rates. 2026 home buying calculator.
How Much House Can You Afford?
Lenders use two key ratios: the 28% rule (housing costs ≤28% of gross income) and the 36% rule (total debt ≤36%). With a $100K income and 6.5% rate, you can typically afford a $350-400K home. But "can afford" and "should buy" are different — many financial advisors recommend keeping housing costs to 25% of take-home pay.
2026 Housing Market
Mortgage rates have stabilized around 6-7%. With home prices averaging $420K nationally, affordability remains challenging. Strategies: larger down payment, shorter loan terms, buying in lower-cost markets, or considering adjustable-rate mortgages if you plan to move within 5-7 years.
⚠️ Disclaimer: This tool provides estimates for informational and educational purposes only. Results may not reflect actual values and should be verified independently. CalcLeap makes no warranties regarding the accuracy or completeness of any calculations. Use at your own discretion.
📐 How We Calculate This
We use the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n – 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments. Property taxes and insurance are estimated based on national and state-level averages from the U.S. Census Bureau.
Interest rates shown reflect current market ranges from Freddie Mac's Primary Mortgage Market Survey. Actual rates depend on credit score, down payment, loan type, and lender.