![]() ![]() Not only can this rule give you insight into your overall financial health, but many lenders use it to determine whether you're a good loan candidate. You can quickly gauge how much you can safely spend on a mortgage and other debts by using the 28/36 rule. The formula used is: Monthly payment = (income x DTI) - debts - tax - insurance. Finally, the calculator subtracts your other estimated monthly expenses, such as property taxes and homeowners insurance, to determine your monthly housing budget - and the total home price you can afford. It uses your monthly income and your current monthly debt payments to calculate the monthly payments you can afford to stay under a target debt-to-income ratio. This calculator uses your ZIP code to estimate a property tax rate, and your credit score to estimate a mortgage interest rate. How our mortgage affordability calculator works ![]()
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