House Buying Budget Calculator
Calculate your home buying budget including down payment, closing costs, monthly payments, and ongoing expenses
About this calculator
The House Buying Budget Calculator helps you determine how much home you can realistically afford by analyzing your income, expenses, and financial situation. It calculates your maximum purchase price, required down payment, estimated closing costs, monthly mortgage payments, and ongoing homeownership expenses like insurance and maintenance. This comprehensive tool ensures you make an informed decision and avoid overextending financially when purchasing your dream home.
How to use
Enter your annual income, monthly debts, desired down payment percentage, and local property tax rates. The calculator will instantly show your maximum home budget, monthly payment breakdown, and total upfront costs needed. Adjust different scenarios by changing down payment amounts or interest rates to find your optimal buying strategy.
Frequently asked questions
What percentage should I put down on a house?
Most buyers put down 10-20%, though you can buy with as little as 3-5% down. Higher down payments reduce monthly payments and eliminate PMI.
What are closing costs and how much are they?
Closing costs include loan fees, inspections, insurance, and legal expenses. They typically range from 2-5% of the home's purchase price.
How much of my income should go toward housing?
The 28% rule suggests spending no more than 28% of gross monthly income on housing costs including mortgage, taxes, and insurance.