Buyer Tools
How Much Home
Can You Afford?
Real numbers. Charlotte-area tax rates built in. Adjust income, debts, down payment, and county to see your true budget.
Your Numbers
Car payments, student loans, credit cards
Maximum Home Price
Based on 28% front-end / 43% back-end DTI
Enter your income to get started
Fill in your annual household income and we will calculate your home buying budget instantly.
Frequently Asked Questions
How much house can I afford on my salary?
A general guideline is that your total monthly housing payment should not exceed 28% of your gross monthly income. On a $100K household income, that is roughly $2,333 per month. But your other debts matter too. Lenders look at your total debt-to-income ratio, which should stay under 43% for most conventional loans.
What counts as monthly debt for DTI?
Lenders include all minimum monthly debt payments: car loans, student loans, credit card minimums, personal loans, child support, and alimony. They do not count utilities, insurance, subscriptions, or groceries. Your new mortgage payment will be added on top of these existing debts.
How much does county matter for affordability?
A lot. Mecklenburg County taxes at 1.128% while York County SC taxes at 0.572%. On a $500,000 home that is a difference of $2,780 per year, or $232 per month. That same $232 per month could qualify you for roughly $35,000 more home in York County.
What is PMI and how do I avoid it?
PMI is private mortgage insurance, required when you put less than 20% down on a conventional loan. It typically costs 0.5-1% of the loan annually. You can avoid it by putting 20% down, using a piggyback loan structure, or choosing a lender-paid PMI option (at a slightly higher rate). PMI cancels automatically when your equity reaches 20%.
Should I use a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay far less interest overall and build equity faster. A 30-year gives you lower payments and more flexibility. Most buyers in Charlotte choose 30-year loans to preserve cash flow, especially with the area's strong appreciation history making equity less of a concern.
Ready to Find Your Home?
Now that you know your budget, let Nick and Craig help you find the right home in the right neighborhood. No pressure, no obligation.