The Ultimate Home Affordability Calculator

METHODOLOGY: To arrive at an “affordable” home price, I followed the 36% debt payments-to-gross income guideline used by many lenders.  Once you enter your monthly debt, the calculator displays the maximum home payment you could handle while staying under that threshold.  It corrects the current interest rate advertised by banks using your credit score, which, in turn, affects the price of the home you can afford.  It also adjusts for the home being in a low or high property tax area.  And finally, since home maintenance and repairs are real costs of homeownership, the calculator uses the general condition of the home to determine the price of the home you can afford.
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Nick Gromicko,
Creator, The Ultimate Home Affordability Calculator