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  1. Home
  2. Mortgage Calculators
  3. Home Affordability Calculator
This is your income before taxes. Include income from any co-borrowers.
Include all required minimum monthly debt payments.
Include only the amount of cash you're willing to use.
If you don't have a home picked out yet, your best guess is fine.

Frequently Asked Questions

How do you calculate the home price I can afford?

We use the information you enter and today’s rates to determine the maximum home price you can afford.

Keep in mind that this calculator just provides an estimate. You can see what you’re actually approved for by using Rocket Mortgage® or talking to a Home Loan Expert.

How do I calculate my monthly debt?

To calculate your monthly debt, add up all the minimum debt payments you’re required to pay on a monthly basis, such as payments for credit cards, car loans, student loans and child support.

How much should I spend on a home?

The amount you should spend on a home is unique to your financial situation. It’s important to make sure that the monthly mortgage payment is manageable and that you won’t be struggling to make ends meet every time the mortgage bill is due.

How much do I need to make each month to buy a house?

Your monthly income is only one piece of the puzzle when it comes to determining your eligibility for a mortgage. It’s not just about how much you make, but how much you already owe.

Lenders use a figure called your debt-to-income ratio (DTI) to determine if you’re eligible to buy a house. Your DTI is calculated by dividing the sum of your monthly debts (such as car and credit card payments) by your monthly gross income. Most loans require that your DTI not exceed 45%.

How do I calculate my monthly mortgage payment?

Once you know the home price you can afford, use our Mortgage Calculator to get an estimate of how much you could expect to pay monthly based on today’s rates. You can also use Rocket Mortgage® to see what rate and monthly payment you’re approved for.

Why do you need to know the ZIP code?

We use the ZIP code to estimate taxes and insurance premiums.

How much do I need for a down payment and closing costs?

Most buyers need at least 3.5% of the home price for their down payment.

You’ll also need to pay closing costs, which can range from 2% to 5% of the loan amount.

Let's Start Your Mortgage

Client will receive between .500 discount points and 1.750 discount points off current pricing. This offer is only available to clients who lock their interest rate while completing the application process before 11:59 p.m. ET. on May 27, 2020. Offer valid on purchase and refinance conventional product only loans with a minimum loan amount of $100,000. Offer does not apply to loans submitted to Quicken Loans through a mortgage broker, jumbo loans, Portfolio loans, Agency-plus loans, non-agency loans, FHA loans, VA loans, USDA loans, or team member loans. Offer not valid with any other discounts or promotions, including PowerPack. Offer is non-transferable. Offer cannot be retroactively applied to previously closed loans or loans already in process. Offer may not be redeemed for cash or equivalent. Quicken Loans reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole direction of Quicken Loans. This is not a commitment to lend. Additional restrictions/conditions may apply.