How much house can I afford?
By Colson · Updated June 14, 2026
Before you fall in love with a listing, it helps to know your number. How much house you can afford depends on your income, your existing debts and your down payment — and lenders use a couple of simple ratios to decide. Here's how it works.
What is the 28/36 rule?
The 28/36 rule is the guideline most lenders use: spend no more than 28% of your gross monthly income on housing (the front-end ratio) and no more than 36% on all debt including the mortgage (the back-end ratio). Staying within both is the clearest sign a payment is affordable.
On a $6,000 monthly income, that's about $1,680 for housing and $2,160 for total debt. Your debt-to-income ratio is the key lever — the less other debt you carry, the more house you can afford.
How does my down payment change what I can afford?
A bigger down payment lowers your loan amount and monthly payment, and at 20% it removes PMI entirely — which can free up a meaningful chunk of your budget for a higher price. A smaller down payment gets you in sooner but raises the payment and adds PMI until you reach 20% equity.
Use the mortgage calculator to see how different down payments move the monthly payment on the same home price.
What other costs should I budget for?
Your monthly payment is more than principal and interest. Property taxes, homeowners insurance, PMI (under 20% down) and any HOA dues all add up — often hundreds of dollars on top of the loan payment. Closing costs and maintenance are extra still.
The mortgage calculator includes taxes, insurance and PMI so the monthly figure you see is the real one, not just principal and interest.
How do I find a payment I'm comfortable with?
Start from the payment, not the price. Decide what monthly housing cost fits your budget, check your debt-to-income ratio, then work backward to a price and down payment that land there. A payment that looks fine on paper but leaves no breathing room isn't really affordable.
Run your income and debts through the debt-to-income calculator, then test home prices in the mortgage calculator until the total payment feels right.
Run the numbers
Frequently asked questions
How much house can I afford on a $60,000 salary?
Following the 28/36 rule on $5,000 a month, aim for about $1,400 in housing and $1,800 in total debt. With little other debt and a solid down payment, that often supports a home in the low-to-mid $200,000s, depending on rates and taxes.
What debt-to-income ratio do I need to buy a house?
Most lenders want a back-end DTI of 43% or less, and prefer 36%. The lower your DTI, the more you can borrow and the better your rate. Paying down other debts before you apply directly raises how much house you can afford.
Educational information, not financial advice. Fynliko is not a lender, bank or licensed financial advisor. Verify any figure with your lender before acting.