How Much Can You Afford House

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How much house you can afford depends on many factors, including income, debt, down payment, and how much you want to spend. Lenders often use the 28/36 guideline: your mortgage payment should be 28 percent or less of your pre-tax income, and your total debt should be 36 percent or less of your pre-tax income.

Steps To Buying A Home First Time Step 6 to Buying a House: Start Searching for a Home. Your agent will send listings to your cellphone. You’ll also pick up House For Sale magazines and read classified ads in your local newspapers. You’ll probably spend an inordinate amount of time surfing the Internet for homes.

Another formula for figuring out how much house you can afford, according to real estate website Zillow, is the 28/36 rule. This means your house payment, including homeowners insurance and property taxes, shouldn’t be more than 28% of your pretax income.

This home affordability calculator can help you understand how much house you can afford before you start the shopping process.

Home Affordability 101 To calculate ‘how much house I can afford,’ a good rule of thumb is using the 28%/36% rule, which states that you shouldn’t spend more than 28% of your gross monthly income.

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As you determine how much house you can afford, remember to factor in down payments, especially if you’re trying to afford the 20% to avoid PMI. Note that you might not have to put down anything at all if you tap into certain government loans. We’ll discuss those in a bit.

It’s important to know how much home you can afford before you start the house-hunting and mortgage approval processes. Doing so can help limit your search to realistic options, and help you avoid.

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Zillow’s Home Affordability Calculator will help you determine how much house you can afford by analyzing your income, debt, and the current mortgage rates.

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The golden rule in determining how much home you can afford is that your monthly mortgage payment should not exceed 28 percent of your gross monthly income (your income before taxes are taken out). For example, if you and your spouse have a combined annual income of $80,000, your mortgage payment should not exceed $1,866.