How Much House Can I Afford? Calculator
Start with the payment you can live with. Put in the most you want to spend on the house each month, all in, plus your interest rate. Today's averages are on my mortgage rates page, and your lender's quote beats any average. The calculator works backward to the highest home price that fits after Tennessee property tax, homeowners insurance, HOA dues and mortgage insurance, so you know which price range to shop.
Say you can spend $3,500 a month with 10 percent down. At a 7 percent rate, that covers a home up to about $504,000 in Franklin (Williamson County Schools side). Put in your own numbers below.
Run your numbers
Filled in with example numbers so you see a result right away. Change any of them to yours.
Your payment
The whole house payment: principal, interest, property tax, insurance, HOA dues and mortgage insurance.
Starts at 7 percent as an example. Check today’s mortgage rates and type in the one your lender quotes you.
Down payment
An estimate, not a quote. PMI only applies to a conventional loan with less than 20 percent down, and your credit score and down payment set the real price. Your lender quotes it.
Taxes, insurance and HOA
Rates are per $100 of assessed value. Tennessee assesses a home at 25 percent of its appraised value, so a $2.00 rate works out to 0.5 percent of the value a year. Spring Hill sits in two counties, and the two sides have different rates.
A placeholder. Put in your quote. For reference, the NAIC put Tennessee’s average homeowners (HO-3) premium at $1,492 a year in 2022, about $124 a month. A bigger or newer home usually costs more to insure.
Plenty of neighborhoods in Williamson and Maury County have an HOA, and dues run from small to significant. The listing usually shows the amount. If dues are billed yearly or quarterly, convert them to a month.
Anything else tied to the house that you want counted, like a special district fee.
The loan
| Line | Amount |
|---|
Your monthly payment
| Cost | Per month |
|---|
The price is rounded down to the nearest $1,000. The property tax line uses the price as the appraised value, which is a planning number. Your bill is figured on the assessor’s appraised value.
Search homes in this price rangeWant homes that fit this number?
This tells you where to look. A lender’s preapproval tells you what you can actually borrow, so get one before you fall for a house. Then text me the price range and the area, and I’ll send you the homes that fit and what they’ll really cost to own.
Text me my numbersCall 615-392-1186Rates, APRs, buydowns and builder incentives on this page are published by the builder or lender named, were read on the date shown, and can change or end without notice. They are not an offer of credit from me or eXp Realty, and I am a licensed Realtor (TREC 369038), not a mortgage lender. Confirm the current terms, APR, eligibility and any lender requirement in writing with the builder or lender before you rely on them.
Property tax figures are the county and city rates published for the year shown and are for planning only. Your actual bill depends on the assessed value, any exemptions and the city or district the home sits in. Confirm with the county assessor or trustee and your tax professional before you rely on a number.
Sources. Interest rate: an example rate of 7 percent, not a quote. Property tax: Williamson County 2026 Property Tax Rates chart (county, Franklin, Franklin Special School District, Thompson’s Station and Spring Hill city rates); Maury County Resolution 07-26-29, fiscal year beginning July 1, 2026; City of Spring Hill Ordinance 26-09, fiscal year 2026 to 2027; City of Columbia Ordinance 4586, adopted June 11, 2026; Davidson County Assessor of Property, current Metro rates. FHA: HUD Mortgagee Letter 2023-05 (upfront premium 1.75 percent, annual premium by loan size, loan-to-value and term), HUD 2026 FHA loan limit for Williamson, Maury and Davidson counties of $1,029,250 for one unit, and a 3.5 percent minimum down payment. VA: VA.gov funding fee table for purchase loans, effective April 7, 2023, page updated October 5, 2026. Conventional: Fannie Mae allows 97 percent financing on some fixed-rate loans, so the calculator uses a 3 percent minimum. Insurance reference: NAIC average premiums by state, 2022, as published by the Insurance Information Institute. The monthly mortgage insurance and funding fee lines are estimates. Your lender’s Loan Estimate has the real figures.
How do I use the home affordability calculator?
- Enter the most you want to pay each month for the house, everything included.
- Enter your interest rate. The box starts at 7 percent as an example. My mortgage rates page has today's averages, and your lender's quote beats any average.
- Pick 30 or 15 years and conventional, FHA or VA.
- Enter your down payment as a percent or in dollars. You can switch back and forth.
- Pick the town. That sets the property tax rate. Add your insurance quote, HOA dues and anything else you pay each month.
The headline number is the most you can pay for the house. Under it you'll see the loan and every line of the monthly payment, adding back up to your budget.
How much house can I afford on $3,000 a month?
With $3,000 a month all in, a home in Thompson's Station with no HOA and $125 a month for insurance comes out like this at an example rate of 7 percent:
| Loan | Rate and down payment | Highest price |
|---|---|---|
| Conventional, 30 years | 7%, 10% down, PMI at 0.5% | $432,000 |
| FHA, 30 years | 7%, 3.5% down | $395,000 |
| VA, 30 years, first use | 7%, 0% down | $405,000 |
At the same rate, the FHA premium and the VA funding fee eat into what the payment can carry. Your lender may quote FHA or VA at a different rate than conventional, so put in the rate you're quoted. Change the down payment or the town and the numbers move.
Rates, APRs, buydowns and builder incentives on this page are published by the builder or lender named, were read on the date shown, and can change or end without notice. They are not an offer of credit from me or eXp Realty, and I am a licensed Realtor (TREC 369038), not a mortgage lender. Confirm the current terms, APR, eligibility and any lender requirement in writing with the builder or lender before you rely on them.
What goes into a house payment in Middle Tennessee?
The calculator counts five costs.
| Cost | How it works here |
|---|---|
| Principal and interest | Your loan amount, rate and term. Any FHA upfront premium or VA funding fee is added to the loan first. |
| Property tax | Appraised value times 25 percent, times the county and city rate per $100. The rate changes with the town and, in Spring Hill, with the county. |
| Homeowners insurance | Your quote. The box starts at $125 a month as a placeholder. |
| HOA dues | Whatever the neighborhood charges, turned into a monthly number. |
| Mortgage insurance | Conventional PMI under 20 percent down, FHA's annual premium, or nothing monthly on a VA loan. |
What are the property tax rates in Franklin, Thompson's Station and Spring Hill?
Tennessee taxes a home on 25 percent of its appraised value. The county and the city each set a rate per $100 of that assessed value. These are the rates built into the calculator: 2026 for Williamson and Maury counties and their cities, and Metro Nashville's current rates.
| Where the home sits | Rate per $100 assessed | Tax a month per $100,000 of value | Price $3,500 a month covers* |
|---|---|---|---|
| Franklin, Williamson County Schools side | $1.566 | $32.62 | $504,000 |
| Franklin, Franklin Special School District | $2.2433 | $46.74 | $494,000 |
| Thompson's Station | $1.403 | $29.23 | $507,000 |
| Spring Hill, Williamson County side | $2.009 | $41.85 | $497,000 |
| Spring Hill, Maury County side | $2.108 | $43.92 | $496,000 |
| Williamson County outside city limits, including College Grove | $1.30 | $27.08 | $508,000 |
| Maury County outside city limits | $1.369 | $28.52 | $507,000 |
| Columbia, inside city limits (Maury) | $1.9758 | $41.16 | $498,000 |
| Nashville, General Services District | $2.782 | $57.96 | $486,000 |
| Nashville, Urban Services District | $2.814 | $58.62 | $485,000 |
*Conventional, 30 years at an example rate of 7 percent, 10 percent down, PMI at 0.5 percent, $125 a month insurance, no HOA.
Sources: the Williamson County 2026 Property Tax Rates chart for the county, Franklin, Franklin Special School District, Thompson's Station and Spring Hill city rates; Maury County Resolution 07-26-29 for the year that began July 1, 2026; City of Spring Hill Ordinance 26-09, which sets $0.739 on both sides of the county line; City of Columbia Ordinance 4586, adopted June 11, 2026, which sets Columbia's rate at $0.6068; and the Davidson County Assessor for Metro Nashville's current rates.
Spring Hill sits in two counties, so check which side a house is on before you trust any tax number. My Spring Hill county guide shows how. In Franklin, the Franklin Special School District adds its own levy inside its boundary.
Your tax bill is figured on the assessor's appraised value, not your purchase price, and the value can change at the next countywide reappraisal. Williamson County's last one was 2025. The calculator uses your price as a stand-in, which works for planning. My Williamson County property tax guide and Spring Hill property tax guide go deeper.
Property tax figures are the county and city rates published for the year shown and are for planning only. Your actual bill depends on the assessed value, any exemptions and the city or district the home sits in. Confirm with the county assessor or trustee and your tax professional before you rely on a number.
How much does an HOA change what I can afford?
HOA dues come out of the same monthly budget as your loan. In the $3,500 example, adding $100 a month of HOA dues drops the highest price from $507,000 to $492,000.
Plenty of neighborhoods in Williamson and Maury County have an HOA. The listing usually shows the dues and how often they're billed. If they're billed yearly or quarterly, convert them to a month before you put them in.
How do FHA and VA loans change the math?
An FHA loan needs at least 3.5 percent down, and the calculator holds you to it. FHA adds an upfront premium of 1.75 percent of the base loan, which most buyers roll into the loan, plus an annual premium paid monthly. For a 30-year loan of $726,200 or less, that annual premium is 0.55 percent with less than 5 percent down and 0.50 percent with 5 percent or more, per HUD Mortgagee Letter 2023-05.
FHA also caps the loan. For 2026, the one-unit FHA limit in Williamson, Maury and Davidson counties is $1,029,250, and the calculator stops there.
A VA loan has no monthly mortgage insurance and no required down payment. It has a one-time funding fee, which the calculator adds to the loan. For a first-time VA purchase, VA.gov lists 2.15 percent with less than 5 percent down, 1.5 percent with 5 percent down and 1.25 percent with 10 percent or more. After first use with less than 5 percent down, it's 3.3 percent. Veterans who get VA compensation for a service-connected disability don't pay it, and there's a box for that. I'm a U.S. Coast Guard veteran, and my veterans page covers buying here with a VA loan.
What does a 1 percent drop in the rate do?
At $3,500 a month with 10 percent down in Thompson's Station, a 7 percent rate covers about $507,000. At 6 percent, the same payment covers about $556,000, roughly $49,000 more.
There are ways to get under the average rate. My buydown calculator shows what a seller or builder credit buys, and my assumable mortgage calculator runs the numbers on taking over a seller's lower-rate loan.
Rates, APRs, buydowns and builder incentives on this page are published by the builder or lender named, were read on the date shown, and can change or end without notice. They are not an offer of credit from me or eXp Realty, and I am a licensed Realtor (TREC 369038), not a mortgage lender. Confirm the current terms, APR, eligibility and any lender requirement in writing with the builder or lender before you rely on them.
Common questions
How much house can I afford?
Work backward from the monthly payment you're comfortable with. Take out property tax, insurance, HOA dues and any mortgage insurance, and what's left is what the loan can cost. At a 7 percent rate on a 30-year conventional loan with 10 percent down, $3,500 a month all in covers about $507,000 in Thompson's Station.
How much house can I afford on $3,000 a month?
About $432,000 in Thompson's Station with a 30-year conventional loan at a 7 percent rate and 10 percent down, $125 a month for insurance and no HOA. With an FHA loan at the same rate and 3.5 percent down, it's about $395,000. With a VA loan and nothing down, about $405,000. Check my mortgage rates page for today's rates before you shop.
How much house can I afford in Tennessee?
It depends on the rate, the down payment and the property tax where the house sits. Tennessee taxes a home on 25 percent of its appraised value, and county and city rates vary. Thompson's Station's combined 2026 rate is $1.403 per $100 of assessed value, and Nashville's current General Services District rate is $2.782, so the same $3,500 payment covers about $507,000 in Thompson's Station and about $486,000 in Nashville.
Does the calculator include HOA fees?
Yes. Put your monthly HOA dues in their own box and the calculator takes them out of your budget before it solves for the price. In the $3,500 example, $100 a month of HOA dues lowers the highest price by $15,000.
Why is the property tax different on each side of Spring Hill?
Spring Hill sits in Williamson and Maury counties. The city rate is $0.739 per $100 of assessed value on both sides for 2026, but the county rates differ, so the combined rate is $2.009 on the Williamson side and $2.108 on the Maury side.
Do VA loans have PMI?
No. A VA loan has no monthly mortgage insurance. It has a one-time funding fee instead, 2.15 percent of the loan for a first-time VA purchase with less than 5 percent down, and veterans who get VA disability compensation are exempt.
Is this the same as a preapproval?
No. The calculator shows a price range to shop. A lender's preapproval looks at your income, debts and credit and tells you what you can actually borrow. Get one before you make an offer.
Ready to look at homes in your price range?
The orange search button under the calculator opens my home search for that county, already filtered to your price range. Set up a VIP home search if you want new listings sent to you.
Before you fall for a house, get preapproved by a lender. The calculator shows you where to look. A preapproval tells you what you can actually borrow. Plan for cash to close too, and my buyer closing cost calculator estimates it. Buying in Thompson's Station? I wrote a guide to what you can afford there.
Then text me your price range and the area. I'll send you the homes that fit and tell you what each one will really cost to own, HOA and tax side included. Text or call me at 615-392-1186, or use my contact page.