This calculator determines how expensive a house you can qualify for based on your income. Typically, your loan is limited so that your monthly house payment including insurance, taxes, and fees, will not exceed 28% of your gross monthly income and the total of your monthly house payment and your other monthly debt payments will not exceed 36% of your gross monthly income. You can enter your income, term of the loan, and the interest rate. You can also include car payments, other debts (credit card payments are usually assumed to be a percentage of what you owe), extra monthly charges (fees and insurance), property taxes, down payment, and loan points. A handy graph is provided which plots the house price over a range of different interest rates, so you can easily see the effect of interest rate on the price of the house you can qualify to buy. You can easily vary any of the parameters to explore different options.

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