How much house can I afford?

Lenders typically look at your income, existing debt, and down payment to determine how much they’ll lend. Rules of thumb (e.g. payment as a share of income) can give you a rough idea, but your actual pre-approval or quotes will show what lenders are willing to offer.

Your monthly payment will depend on the loan amount, interest rate, and term. Property taxes, insurance, and mortgage insurance (if applicable) also affect what you pay each month.

Once you have a target price and loan amount, get quotes from multiple lenders for that scenario. Compare the monthly payment, closing costs, and cash to close so you know what’s realistic for your budget.

Enter each lender’s quote into a comparison tool to see payment and costs side by side. That way you can see how different rates and fees affect what you’ll pay.