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A $5,000/month budget supports about $743,591 in financing at 6.5% over 30 years.
Working backwards from a $5,000 monthly budget: after setting aside about $300 a month for property taxes and insurance, roughly $4,700 goes toward principal and interest. At a 6.5% rate over 30 years, that supports a loan of about $743,591 — or a home price near $763,591 with a $20,000 down payment.
The calculator below is set to a $5,000/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 $4,700/mo goes to principal & interest (after ~$300 taxes & insurance).
| Interest rate | 30-year loan | 15-year loan |
|---|---|---|
| 5.50% | $827,772 | $575,217 |
| 6.00% | $783,921 | $556,967 |
| 6.50% | $743,591 | $539,543 |
| 7.00% | $706,446 | $522,903 |
| 7.50% | $672,183 | $507,005 |
Monthly payments