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A $1,500/month budget supports about $189,853 in financing at 6.5% over 30 years.
Working backwards from a $1,500 monthly budget: after setting aside about $300 a month for property taxes and insurance, roughly $1,200 goes toward principal and interest. At a 6.5% rate over 30 years, that supports a loan of about $189,853 — or a home price near $209,853 with a $20,000 down payment.
The calculator below is set to a $1,500/month budget. Adjust the rate, term, down payment, and the taxes-and-insurance line to see the maximum loan and home price your payment can carry.
Affordable Loan & Home Price
Max Home Price
Maximum Loan: $189,853
Affordability Breakdown
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Assuming about $1,200/mo goes to principal & interest (after ~$300 taxes & insurance).
| Interest rate | 30-year loan | 15-year loan |
|---|---|---|
| 5.50% | $211,346 | $146,864 |
| 6.00% | $200,150 | $142,204 |
| 6.50% | $189,853 | $137,756 |
| 7.00% | $180,369 | $133,507 |
| 7.50% | $171,621 | $129,448 |
Monthly payments