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How much home can you afford?
Not the bank's answer. The honest one: the price where the true monthly cost of owning still fits the life you want to keep living.
A wise ceiling, not a dare
$388,000
the home price where the true monthly cost still fits · est.
$2,803/mo
the honest all-in monthly · est.
$2,077
mortgage / mo
$561
taxes and insurance / mo
$164
mortgage insurance / mo
Includes taxes, insurance, and realistic upkeep, not only principal and interest. Your down payment is under 20 percent at this price, so estimated mortgage insurance is included until you reach 20 percent equity.
Now the better question: where does $388,000 buy a life you would love?
Homestead ranks every home in every town we cover against your budget and the life around it. That answer lives inside.
Start free and see where7 days of full access · no card
Then the long arithmetic
What that price actually costs you
A monthly payment hides the size of the decision. Move the down payment and the term to see the interest change, and where your money goes each year.
Monthly includes principal, interest, property tax, insurance and PMI where it applies. Total paid adds your $60k down payment and every carrying cost across the term. Tax and insurance are held at today's rate, so real bills land higher.
The 15-year costs $783 more each month and saves $233k in interest over the life of the loan. Principal overtakes interest in year 20 on the 30-year.
What another five percent down is worth
Same house, same rate, 30-year term. Each row is the interest you would pay over the whole loan, and what you save against the smallest down payment. Below 20% a lender adds PMI, which stops once you reach 20% equity.
These are estimates, not a lender quote. To see the honest monthly cost on real homes across every town we cover, start free.
Questions people ask
- How is this different from a bank's pre-approval?
- A pre-approval is the most a lender will hand you. This is the price where the true monthly cost of owning (mortgage, property taxes, insurance, and mortgage insurance when your down payment is under 20 percent) still fits the budget you chose. It is usually a smaller, saner number, and it is the one your future self will thank you for using.
- What is included in the honest monthly cost?
- Principal and interest, modeled property taxes, homeowners insurance, and estimated mortgage insurance below 20 percent down. A standard mortgage calculator shows only the first item, which is typically 60 to 75 percent of what owners actually pay.
- Is this calculator free?
- Yes, free with no signup. Homestead is a subscription that runs the same honest math on every home in the towns we cover and ranks the ones that fit your budget and your life. Every account starts with 7 days free, no card required.
- Why doesn't it show me where I can afford to live?
- Because that is the product. Homestead ranks homes across many towns, cities, and states in one pool, scored on the life around them and your budget. The calculator gives you the honest number for free; the where comes with an account, and the first week is on us.
Want the other half of the answer, the where? Start 7 days free. Or see the true cost of a specific home, or read what a mortgage really does.