Home Affordability Calculator
Discover the exact home value your budget supports before you ever set foot in a showing.
What This Calculator Does
By measuring your income, current monthly debt obligations, and available down payment against the debt-to-income thresholds lenders apply, the calculator identifies a realistic price range that fits your finances.
Who Is This For
Ideal for buyers who want their search grounded in a firm, realistic budget, those taking their very first steps toward ownership, and anyone determined to understand their genuine purchasing power in the Miami market.
How It Works
Enter your annual income, your existing monthly debt payments, the down payment you have on hand, the interest rate you anticipate, and the loan term you have in mind. The calculator returns the highest home price you can comfortably carry.
Frequently Asked Questions
What debt-to-income ratio do lenders use?
Lenders typically want your total DTI to stay at or below 43%, with housing costs — mortgage, taxes, and insurance together — held within 28-31% of your gross income.
Does this include property taxes and insurance?
This estimate reflects principal and interest alone. Set aside a further 1-2% of the home's value each year to account for taxes and insurance.
How does my credit score affect affordability?
A stronger credit score opens the door to lower interest rates, which directly widens what you can afford. Even a 1% improvement in your rate can meaningfully shift your purchasing power.
Should I buy at my maximum affordability?
Purchasing at the very top of your range leaves little breathing room for surprises. Aiming just below your ceiling preserves a financial cushion for emergencies, ongoing upkeep, and the everyday pleasures of daily life.