How Much House Can I Afford on $280,000 a Year? About $928,087
Housing costs are capped at $6,533/month (28% of gross monthly income).
Updated for the 2026 tax year · Rates checked 14 October 2026
| Home price you can afford | $928,087 |
|---|---|
| Mortgage amount | $868,087 |
| Deposit | $60,000 |
| Monthly mortgage payment | $5,373 |
| Property tax & insurance (monthly) | $1,160 |
| Total monthly housing cost | $6,533 |
- Housing costs are capped at $6,533/month (28% of gross monthly income).
- Your deposit is 6% of the price; under 20% usually means mortgage insurance.
- At 6.3% the monthly payment would be about $6,533 (28% of gross income).
Your result, explained
Based on your income, debts and deposit, lenders would likely approve a home of up to about $928,087, with a $868,087 mortgage costing around $6,533 a month.
That is the maximum a lender allows, not necessarily what is comfortable. Leave room for savings, repairs and rate rises: many buyers aim 10–20% below the maximum. Paying off a car loan or credit card first is often the fastest way to raise your budget, because every monthly debt payment reduces what you can borrow.
Compare nearby amounts
| Amount | Home price you can afford |
|---|---|
| $270,000 | $896,724 |
| $275,000 | $912,406 |
| $280,000 | $928,087 |
| $285,000 | $943,769 |
| $290,000 | $959,450 |
The 28/36 rule
Most US lenders follow the 28/36 guideline: housing costs (mortgage, property tax, insurance) should stay under 28% of your gross monthly income, and all debt payments, including car loans and credit cards, under 36%. Some loan programs allow higher ratios, but these limits keep payments comfortable.