How Much Home Can You Afford Together? A Guide to Joint Income Home Buying

When buying a home with a partner, your combined income is a key factor in determining how much house you can afford. To help you get started, here’s a quick breakdown of potential monthly mortgage payments based on your income:

$100K income: Up to $4,166/month
$125K income: Up to $5,208/month
$150K income: Up to $6,250/month
$175K income: Up to $7,291/month
$200K income: Up to $8,333/month
$225K income: Up to $9,375/month
$250K income: Up to $10,416/month
$275K income: Up to $11,458/month
$300K income: Up to $12,500/month

Things to Keep in Mind:

Debt-to-Income Ratio (DTI):
Most loans use a 45% DTI to calculate how much you can afford, though some lenders may allow up to 50%.

Monthly Debts Affect Your Buying Power:
Lenders include all monthly debts—like credit cards, car payments, and student loans—in their calculations. Reducing these debts can increase your purchasing power.

Loan Programs Can Make a Big Difference:
The right loan program can stretch your budget further. Look for options that:

Offer No PMI (Private Mortgage Insurance)
Provide lower interest rates for first-time or primary homebuyers

Plan with Confidence

Homeownership is a big step, but budgeting carefully and exploring your financing options can help make the process smoother. Whether you’re aiming for your dream home or starting small, understanding your affordability is the first step toward finding the perfect place to call home.

Ready to start your homebuying journey? Let us know—we’d love to guide you every step of the way!