How Much House Can You Actually Afford?
Not what a lender says you qualify for — what you can actually afford without stretching every month. Here's how to figure out your real number.
Not what a lender says you qualify for — what you can actually afford without stretching every month. Here's how to figure out your real number.
"How much house can I afford?" and "how much will a lender approve me for?" are two different questions — and mixing them up is one of the most common ways buyers end up house-poor. Here's how to think through both.
Most lenders and financial advisors use a version of the 28/36 rule as a starting benchmark. Your monthly housing costs — principal, interest, property taxes, and insurance (PITI) — shouldn't exceed 28% of your gross monthly income. Your total debt payments, including that housing cost plus car loans, student loans, and credit cards, shouldn't exceed 36%. Most lenders will actually qualify you up to a 43% total debt-to-income ratio, and some loan programs (including certain FHA loans) allow even higher — but "qualifying" and "comfortable" aren't the same thing.
As of early August 2026, the average 30-year fixed mortgage rate sits at 6.69%, according to Freddie Mac's Primary Mortgage Market Survey — up slightly from the prior week and roughly in line with where rates stood a year ago. That rate has a real effect on what a given monthly payment actually buys you in terms of loan size, which is exactly why running your own numbers (rather than going off a headline affordability figure) matters. Our mortgage calculator lets you plug in a price, down payment, and rate to see the real monthly payment before you fall in love with a listing.
A monthly principal-and-interest number is only part of the picture. Property taxes, homeowners insurance, HOA or condo fees, and private mortgage insurance (PMI) if you're putting down less than 20% all add to your real monthly cost — and in Northern Virginia, property taxes and HOA dues can vary meaningfully from one neighborhood to the next. Ask for these numbers on any home you're seriously considering, not just the list price.
To find your debt-to-income ratio, add up your total monthly debt payments (including the estimated new mortgage payment), divide by your gross monthly income, and multiply by 100. Running this yourself before you sit down with a lender gives you a realistic starting point and helps you walk into that conversation with confidence instead of just accepting whatever number you're approved for.
A lender's maximum approval amount is a ceiling, not a target. The right home budget leaves room for savings, unexpected repairs, and the rest of your life — not just the mortgage. We're happy to talk through your specific numbers and help you land on a range that actually makes sense for you, before you start touring homes.
Sources: Freddie Mac Primary Mortgage Market Survey, AmeriSave.
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