Home affordability calculator: How much house can I afford?

How much home you can afford depends on a variety of factors, including the level of your income.

If you want to buy in a high-value area, your choices may be more limited. This is different from areas where homes are more affordable.

Your credit score and debt-to-income ratio also will influence what you can afford.

Once you know your ideal monthly payment, you can use a home affordability calculator. This tool will show you how much home you can afford in your area.

How much of a down payment you need depends on several factors, including the purchase price of the home as well as the type of loan you apply for. The higher the purchase price of the home, generally the higher the down payment will need to be.

If you’re a Veteran, active-duty service member or surviving spouse, the Veterans Administration (VA) offers home loans with no down payment required. The U.S. Department of Agriculture (USDA) also offers mortgages with no down payment options to borrowers in rural regions.

Conventional mortgages that are not backed by the government have down payment options of 3% to 5%. This depends on the lender's rules and the borrower's financial situation.

The Federal Housing Administration (FHA) provides mortgages with down payment options as low as 3.5% of the home price.

A larger down payment can lower your monthly payments. However, many mortgage lenders now accept smaller down payments.

Home affordability in markets across the country can change from year to year based on a number of factors, but generally homes in the Midwest and South offer buyers the most home for the money. Some of the top markets for buyers in 2025 include Fort Wayne, Indiana; Huntsville, Alabama; and Oklahoma City, Oklahoma.

Homes in the Northeast and West, as well as in Hawaii and Alaska, tend to be of higher value and tougher to afford.

Rate’s Home Search can help you locate that property you’ve been looking for.

Rate’s home affordability calculator could help you determine how much home you can afford.

Many factors can affect your ability to afford a home. These include the home purchase price and the down payment needed. The mortgage interest rate also plays a role.

Closing costs, property taxes and homeowners insurance are important, too. Monthly utility costs in your chosen area can also affect your budget. 

You can plug some of those details into the calculator to see how much home your dollar can buy.

Mortgage pre-approval is one of the first steps in the homebuying process. It could help you determine your price range and figure out how much home you can afford.

All you have to do is fill out and submit the application form with your financial details. We’ll check your credit score, employment history and assets.