How Much House Can You Afford?
Knowing what you can afford is vital to placing yourself in the market for maximum success. Mortgage payments should be below 30% (ideally 25%) of your monthly income. Getting pre-approved financing will also help you beat out competing offers on desirable properties.
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate.