For buyers
How Much Home Can I Afford?
Start with what you earn and what you already owe each month, and see the price range that usually fits. This is the same math a lender starts with — it is not a pre-approval.
Written by ShaNayta (Shay) McClain, Real Estate Agent with eXp Realty, based in Waterford, Michigan. Call or text (248) 270-8529.
Estimated price range you could qualify for
$212,400 – $236,000
- Comfortable monthly housing budget
- $1,983
- Estimated payment at the top of the range
- $1,976
- Principal & interest
- $1,417
- Property taxes (estimated)
- $339
- Homeowners insurance
- $117
- Mortgage insurance (PMI)
- $103
- Cash needed for the down payment
- $11,800
Total debt-to-income at this price: about 35%. Most loan programs want this at or under 43%, though some allow more.
Please read
This is a rough planning estimate, not a pre-approval, loan commitment, or offer of credit. It uses common lender ratios (about 28% of gross income for housing and 43% including your other debts), assumes an estimated 34.5 total mills in Waterford Township on a taxable value of half the purchase price, and sets aside roughly 3% of the price for closing costs. Your credit score, loan program, employment history, and the specific property all change the answer. Only a licensed lender can tell you what you actually qualify for.
Questions? Let's talk it through.
Whatever these tools show you, call or text me and I'll walk you through your options personally — the real tax bill, a lender introduction, and what similar homes are selling for. No pressure, and no question is too small.