How Much House Can I Afford?

Enter your income and monthly debts to get a home price range that fits your budget. The estimate follows the 28/36 guideline lenders use and accounts for property taxes and insurance, so the answer reflects a full monthly payment.

Car, student loan, credit card minimums and similar.
Example rate only.
Taxes, insurance and HOA
Check your city's current real estate tax rate.

You could afford a home around

$224,000

Gross monthly income
$5,833
Max monthly housing payment
$1,633
Loan amount
$209,090
Principal & interest
$1,322

A planning estimate, not a pre-approval. A lender will review your credit, income documents and the specific loan program. Mortgage insurance is not included.

What the result means

The price shown is the most you could pay while keeping the total monthly payment — principal, interest, taxes, insurance and HOA dues — inside both 28/36 limits. If your monthly debts are high, the 36% limit takes over and the price drops, which is why paying down a car loan or card balance can raise your budget more than a raise would.

Not there yet? That is exactly the situation rent-to-own homes are built for: live in the home now while you build savings and credit. For a worked example with real numbers, read what a $70,000 salary can buy, then check the payment on a specific house with the mortgage calculator.

Affordability questions

What is the 28/36 rule?

It is a common lending guideline: keep your total housing payment at or below 28% of gross monthly income, and keep all monthly debt payments, housing included, at or below 36%. The calculator uses whichever limit is lower for you.

Which debts should I include?

Include minimum payments that show on your credit report: car loans, student loans, credit cards, personal loans and child support or alimony. Leave out everyday bills such as utilities, phone and groceries.

Can I qualify for more than this?

Some loan programs allow higher ratios, especially with strong credit or extra savings. Being approved for a larger loan is not the same as being comfortable with the payment, so treat this result as a sensible ceiling rather than a target.

Budget below where you hoped?

Rent-to-own gives you time to save and build credit while living in the home you plan to buy.

Ask about rent-to-own

See homes in your range

Look at the homes we have available now in Portsmouth, Chesapeake, Norfolk and Newport News.

View available homes