The shortest answer to that
question is: it depends on a number of factors. The most
important are your gross household income, your down
payment and the mortgage interest rate. Lenders will
also consider your assets and liabilities. Your own lifestyle
and debt comfort zone also come into play.
To help you estimate the maximum mortgage
you can afford just enter the information required below
and it will calculate the maximum mortgage amount and
monthly payment.
These calculation are based on two simple
rules that lenders use to determine how much of a mortgage
you can afford. The first rule is that your monthly housing
costs should not exceed 32% of your gross monthly household
income. Secondly, your entire monthly debt load should
not be any more than 40% of your gross monthly income.
Please fill in all fields even
if the amount is zero.
