How it works
Your housing budget is the lower of two limits: 28% of gross monthly income for housing alone, and 36% for housing plus your other debt payments. At any price, the cash you have (savings minus the reserve you keep) pays the closing costs first and the rest goes to the down payment; the loan is the rest of the price. Monthly cost is principal and interest, property tax, insurance, HOA, and PMI while the loan is over 80% of the price. The calculator finds the highest price whose monthly cost fits the budget and whose down payment meets your minimum. If the down payment is what stops you, more cash raises the limit; if the payment is, a lower rate, lower debts, more income or a bigger down payment would.