How much house can I afford?

Using a percentage of your income can help determine how much house you can afford. For example, the 28/36 rule may help you decide how much to spend on a home. The rule states that your mortgage should be no more than 28 percent of your total monthly gross income and no more than 36 percent of your total debt. But our chase home affordability calculator can help refine and tailor the estimate of how much house you can afford based on additional factors.

Chase’s mortgage affordability calculator creates an estimate of what you can afford and what your mortgage payments may be based on either:

Income

If you calculate based on income, the calculator will take information about your financial health and loan preferences, combined with projected taxes and insurance, to provide an estimate.

Estimated payment amount 

If you calculate your affordability based on estimated payments, the calculator will ask for information about your desired mortgage — like the maximum monthly payment, term, interest rate and preferred down payment — and combine that with projected taxes and insurance costs.

Your credit score, interest rate, loan term, cash reserves, expenses and debt-to-income ratio — the percentage of your gross income that goes toward debt — are five factors that help determine how much house you can afford. Some additional factors include your desired down payment, as well as your other regular monthly expenses. It’s also helpful to consider property taxes and additional fees when planning your monthly payment estimates.

There's more to buying a home than paying your mortgage. Some common, upfront costs may include closing costs, moving expenses and home inspection fees. Your Home Lending Advisor can help navigate the associated fees and answer any questions.

Depending on the state you live in, and other factors, you may be able to get financial assistance to buy a home if you meet certain criteria. To start, do a search on your state’s homebuying assistance program. Keep in mind: homebuyer assistance programs vary by state and may have certain qualifications.