Home Affordability Calculator
Pin down the price range that genuinely fits your budget before you tour a single listing.
What This Calculator Does
This calculator measures your income, current monthly debt payments, and available down payment against the debt-to-income thresholds lenders apply, then pinpoints a realistic price range you can target.
Who Is This For
Use it if you want your search grounded in a firm, realistic budget, if you are just starting to look into buying, or if you need an honest read on your purchasing power in the Miami market.
How It Works
Enter your annual income, what you pay toward debt each month, the down payment on hand, the interest rate you anticipate, and the loan term you want. The result is the highest home price you can comfortably carry.
Frequently Asked Questions
What debt-to-income ratio do lenders use?
As a rule, lenders cap total DTI at 43% and prefer your housing costs — mortgage, taxes, and insurance together — to remain within 28-31% of gross income.
Does this include property taxes and insurance?
This estimate reflects principal and interest alone. Budget another 1-2% of the home's value annually to cover property taxes and insurance.
How does my credit score affect affordability?
A higher credit score earns you a lower interest rate, and that lower rate directly stretches your budget. Shaving even 1% off your rate can noticeably lift your purchasing power.
Should I buy at my maximum affordability?
Stretching to the very top of your range leaves almost no margin for surprises. Aiming below that ceiling keeps a cushion for emergencies, upkeep, and the ordinary costs of daily life.