How Much Can I Afford To Pay For A New House?
Most mortgage loan programs have a debt-to-income ratio ceiling for their borrowers that their borrowersmust be below in order to be approved for the home loan. A debt-to-income ratio is the borrowers' minimum monthly payments on their debt divided by their gross income. The ratio that we are focussing on here includes the new monthly mortgage payment; principal, interest, taxes, insurance and other required fees.
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Our calculator generates several different maximum home purchase prices based on common debt-to-income ratio limits for different loan types to aid you in finding a home that fits within your risk comfort level and your means. Enter your information in the form below or review our example.
