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Find out how much house you can afford with our mortgage affordability calculator. Get an estimated home price and monthly mortgage payment based on your. The best way to think about how much home you can afford is to consider what your maximum monthly mortgage can be. As a general rule of thumb, lenders limit. -- The sum of the monthly mortgage and monthly tax payments must be less than 31% of your gross (pre-taxes) monthly salary. -- The sum of the monthly mortgage.

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In order to be approved for a mortgage, you will need at least 5% of the purchase price as a down payment if your purchase price is within $, If your. When you apply for a mortgage, lenders calculate how much they'll lend based on both your income and your outgoings – so the more you're committed to spend each. Lenders look at two ratios when determining how much mortgage you qualify for: Gross Debt Service ratio (GDS) — total monthly housing costs shouldn't be more.

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As a general rule, lenders want your mortgage payment to be less than 28% of your current gross income. They'll also look at your assets and debts, your credit. How much money do you make each year? Rule of thumb says that your monthly home loan payment shouldn't total more than 28% of your gross monthly income. Gross. Enter your details below to estimate your monthly mortgage payment with taxes, fees and insurance. Not sure how much you can afford?