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What can you actually afford?
Online calculators flatter you. This one uses the debt-to-income rules lenders actually apply, Queens property taxes, and today’s mortgage rate — so the number you get is one a bank would agree with.
Your finances.
Car loans, student loans, credit-card minimums — everything on your credit report.
Freddie Mac 30-yr average, week ending Sept 24, 2026.
Co-ops and condos: enter monthly maintenance or common charges.
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This uses the 28/36 rule lenders apply: housing costs at or under 28% of gross income, and all debts at or under 36%. A pre-approval looks at your full credit picture — this is the math behind it, not the approval itself. These numbers are for information purposes only — everyone should do their own due diligence.
How the math works.
Lenders qualify you on two ratios, and the stricter one sets your budget:
- Front-end ratio (28%): your total housing payment — principal, interest, property tax, insurance, and HOA — must fit within 28% of gross monthly income.
- Back-end ratio (36%): housing plus all other monthly debts must fit within 36% of gross monthly income. Heavy car or student-loan payments shrink your budget here first.
- Solving for price: the calculator works backward from your allowed monthly housing payment — subtracting tax, insurance, and HOA, then converting the remainder into a loan amount at today’s rate and adding your down payment.
At 7.03%, every $10,000 of price adds roughly $66/month in principal and interest — small rate moves change what you can buy more than most people expect.
Questions, answered.
What is the 28/36 rule?
The two debt-to-income ratios most lenders use. 28%: your housing payment (principal, interest, tax, insurance, HOA) should be at or under 28% of gross monthly income. 36%: housing plus all other monthly debts (car, student loans, card minimums) should be at or under 36%. Some loan programs stretch these, but 28/36 is the conservative standard behind most approvals.
How much do I need for a down payment in Queens?
20% avoids private mortgage insurance, but it is not required — conventional loans allow 3–5% down and FHA 3.5%. On a $700,000 Queens home, 20% is $140,000; 5% is $35,000, plus roughly 2–4% in closing costs either way. A smaller down payment means a bigger loan and a higher monthly payment, which lowers the price you qualify for.
Do property taxes change the answer much in Queens?
Yes. NYC’s effective property tax rate (around 1.1% of market value for this calculator) adds roughly $640/month on a $700,000 home — and lenders count it in your 28% housing ratio. Co-op buyers should also remember that a share of the building’s tax bill is already inside the monthly maintenance.
Why is this lower than what Zillow’s calculator told me?
Many online calculators use only the front-end ratio, ignore your existing debts, or leave out taxes and insurance. This one applies both the 28% and 36% tests with full PITI plus HOA — the same math an underwriter runs. The lower, stricter number is the one a bank will actually approve.
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Sources & rates used
- Freddie Mac PMMS — 30-yr fixed 7.03%, week ending Sept 24, 2026 (freddiemac.com)
- Methodology: standard 28/36 debt-to-income ratios; property tax default 1.1% of market value / yr.
- This is an educational estimate, not a loan approval or commitment to lend.
Work with Alomgir
Numbers are the starting point.
A calculator can’t walk the block, read the comparable sales, or negotiate the deal. That’s the part I do — every day, across Queens.