What Can You Actually Afford?
This calculator turns two numbers into a real estimate, with honest Central Florida taxes and insurance built in. Move the sliders.
Before taxes, about $114,000/year.
Car loans, credit cards, student loans, personal loans, and child support. Not rent or utilities.
Defaults to a typical rate. Adjust it if you have a quote.
Common on condos and townhomes. It lowers what you can afford.
You can comfortably afford
$315,000
$2,660/mo · 35% · Conventional · 5% Down
Could stretch to $420,000 · $3,575/mo · 45%
- Principal & Interest
- $1,884
- Property Tax
- $288
- Insurance (FL)
- $340
- $149
- HOA
- $0
- Down Payment (5%)
- $15,685
- Closing Costs (~3%)
- $9,411
Your debt is the limit right now, not your income.
At this debt level there isn't a comfortable price to show. Paying down what you owe each month is the highest-leverage next step: it lowers your debt-to-income and opens up real options. The readiness quiz and roadmap below map out how.
Every payment already includes real Central Florida property tax and insurance, the costs national calculators leave out.
Debt-to-Income (DTI)
All your monthly debt, the house payment included, as a share of your gross income. It's the main number a lender uses to size your loan.
Comfortable holds two limits: the house payment under 28% of income, and total debt under 36%. Whichever binds first sets the price, so with little debt it can read below 36% and never goes above it.
Stretch drops the 28% limit and pushes to the loan's ceiling instead (about 45% conventional, 50% FHA), where the payment runs tight.
Mortgage Insurance (PMI / MIP)
An added monthly charge when your down payment is under 20%. It protects the lender, not you. Put 20% down and you skip it.
Conventional loans call it PMI, roughly 0.6% of the loan a year, and it drops off once you reach 20% equity. FHA calls it MIP, about 0.55% a year plus a 1.75% upfront fee, and it usually lasts the life of the loan.
FHA vs Conventional
FHA is government-backed: easier on credit and down payment, but its mortgage insurance usually lasts the life of the loan.
Conventional isn't government-backed: it generally wants stronger credit, but its mortgage insurance drops off at 20% equity, and 20% down skips it entirely.
Not sure which fits? A lender can help you sort it out.
Your Monthly Payment
Comfortable keeps your debt-to-income (total monthly debts as a share of income) near 36%. The stretch pushes to about 45%, where the payment runs tight.
Private mortgage insurance (PMI) is part of the payment now, but it drops off once you reach 20% equity, so it is not forever.
Cash to Start
A bit more cash up front than FHA. That is the main tradeoff for skipping FHA's lifetime mortgage insurance.
Treat it as the most you'd bring to the table, not a fixed bill. Seller credits and down payment assistance can lower it.
The cash to start can be lower than that.
That number is the full-price scenario, not the floor. Across Central Florida, programs put part of your down payment and closing costs on someone else's tab. I keep the short list in one email: the state programs, the workforce program, and how to reach your county's assistance office.
Questions buyers ask here
No. Treat it as a starting estimate. Your real number comes from a lender who reviews your credit, income history, and the specific home. Getting pre-approved is usually the next step, and it turns this estimate into a number you can shop with.
DTI is your monthly debt payments divided by your gross monthly income, and it's the main number a lender uses to size your loan. Lenders look at it two ways: a front-end ratio (just the house payment) and a back-end ratio (all your debt including the house). The price shown here is the comfortable target: housing near 28% of income and total debt near 36%, which leaves more cushion. Each loan can go higher (conventional to about 45%, FHA to about 50%), which shows up as the 'you could stretch to' figure. Your existing debt counts toward those limits, so the less you owe each month, the more home fits.
Switching loans changes the payment because the programs differ: FHA allows more debt but adds mortgage insurance for the life of the loan, while a larger down payment shrinks or removes that insurance. A higher interest rate doesn't change what a lender will approve, but it does make each dollar of payment buy less home, which is why the price drops as you slide the rate up.
Everything, itemized. Principal and interest is the mortgage itself and the biggest piece. On top of it sit property tax, homeowners insurance, mortgage insurance (if the loan has it), and any HOA fee. National calculators tend to bury those or skip how high Florida insurance runs. The lines add up to the total, so nothing is left out.
Two one-time costs at closing: your down payment (3.5%, 5%, or 20% here) and closing costs, estimated at about 3% of the price. Treat it as the most you'd bring to the table, not a fixed bill. Seller credits and down payment assistance can lower it, which is where a good agent and lender earn their keep.
Short on savings right now? FHA or 5% down get you in with the least cash. Have a cushion and want the most home for your budget with no mortgage insurance? 20% down. There's no single best option. The right one depends on your credit, the home, and your goals, which is what a good lender helps you sort out.
This is your starting point
An estimate gets you oriented. A plan gets you to the keys. Take the 3-minute readiness quiz for a personalized next step, or grab the 10-step roadmap and start working it today.
Questions about these numbers, or not sure how to get started? Happy to walk through it with you.
This is an educational estimate, not a loan offer, pre-approval, or a promise of financing. It assumes a 30-year fixed loan and typical Central Florida property tax (1.1%) and homeowners insurance (~1.3% of price per year). Your actual numbers depend on your credit, the property, current rates, and a lender's review. Axel Rivera is a licensed REALTOR®, not a lender. Equal Housing Opportunity.