![]() ![]() Your DTI should include your debts, expenses, and potential mortgage payment. Most experts recommend your debt-to-income ratio, calculated by dividing the sum of your debts by your gross monthly income, not exceed 36%. Total Monthly DebtsĬalculate all of your monthly financial obligations outside of your mortgage payment. Here’s what to consider: Annual IncomeĬalculate your post-tax income-as well as any income from your co-borrower. Home Affordability Calculatorīefore you start home shopping, it is a good idea to get a sense of your overall price range so you can feel comfortable knowing you aren’t taking on a home-or a mortgage-that will leave you cash strapped. Before you make an offer, you want to consider if you can comfortably afford the overall price of the home and make monthly mortgage payments. There’s a lot more to home affordability than the asking price on your dream home. This simple guide can help you determine your home affordability. Making such a big financial move can feel daunting, but it doesn’t have to be. You want to find a great spot that you can comfortably grow into and enjoy for years to come, but you also don’t want to end up spending more than you can comfortably afford to pay. ![]() Buying a home is likely the largest financial investment you’ll make. Wondering “How much house can I afford?” You’re not alone.
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