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How much home can your budget cover?

Start from the monthly payment you’re comfortable with, not the biggest loan someone will offer. Enter your budget, down payment, rate and term to see the highest price that payment can cover. It works the same whether the loan comes from a bank or from the seller.

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By Clavesta Editorial Team · Updated

Educational information, not legal, tax or financial advice.

Your numbers

Your budget

Principal and interest only. Taxes, insurance and HOA dues come on top.

Cash you can put down at closing.

The loan

Use a rate you’ve been quoted or one you’d negotiate.

Your estimate

Results appear here once the calculator loads.

How this calculator works

  1. From payment to loan. A fixed-rate loan has a level monthly payment. We run that math in reverse: given your payment, rate and number of months, we solve for the largest loan the payment pays off completely by the end of the term.
  2. Add your down payment. The loan plus your down payment is the highest price the budget covers.
  3. Check the rate. We rerun the numbers one percentage point lower and higher, so you can see how sensitive your price is to the rate.

The math comes from the same engine Clavesta uses in its app, so the numbers match. Amounts are rounded to the cent.

What this leaves out

  • Property taxes, homeowners insurance, HOA dues and mortgage insurance.
  • Closing costs and the cash you’ll want in reserve after you move in.
  • Lender rules such as credit score and debt-to-income limits.
  • Balloon payments. If a note has one, plan how you’d refinance or pay it off.

Cash to close, and what buying directly saves

Your down payment isn’t the only cash you need. Buyers using a mortgage typically pay about 2%–5% of the price in closing costs, not counting the down payment (Freddie Mac, CFPB). Buying directly on Clavesta, there’s no buyer’s agent commission to pay unless you choose to hire an agent.

Frequently asked questions

How much house can I afford on my monthly budget?

Start with the most you can comfortably pay each month for principal and interest. The calculator works backward from that payment, your rate and your term to the largest loan it can repay, then adds your down payment to get a price.

Does this include property taxes, insurance and HOA dues?

No. The budget here is principal and interest only. Property taxes, homeowners insurance, HOA dues and any mortgage insurance come on top, so subtract your estimate for those from your total housing budget before you enter it.

How does my down payment change what I can afford?

Every dollar of down payment adds a dollar to the price you can afford, because it doesn’t need to be borrowed. A larger down payment also tends to matter to sellers who offer financing, since it lowers their risk.

Is this how a bank decides what I qualify for?

No. Lenders look at your credit, income, debts and debt-to-income ratio, and they have their own limits. This calculator is a budget-first view: what a payment you choose can support. A licensed loan originator can tell you what you’d qualify for.

Can I use this for seller financing?

Yes. A seller-financed note uses the same monthly payment math. Many seller-financed notes include a balloon, where the remaining balance comes due after a set number of years. The monthly payment is the same, but you would need to refinance or pay off the balance at that point.

For buyers

Get matched with verified homes, directly

Create a free account, tell us how you’ll buy (cash, a bank loan, taking over a seller’s loan or seller financing) and where you want to live. We’ll show you verified homes that fit.

  • Free to join
  • No buyer’s agent commission
  • Verified sellers only
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