How much house can you afford?

Ready to find out how much you can afford for your dream home? Our easy mortgage calculation can help! Here’s an example:
Calculate your Debt-to-Income Ratio (DTI) : Add up your monthly debt payments (credit cards, car loans, student loans, etc.) and divide by your gross monthly income. Multiply by 100 to get your percentage. For example, if your total debt payments are $1,500 and your gross monthly income is $5,000, your DTI is 30%.

Determine your Monthly Payment : Based on your DTI, you can estimate how much you can afford for your monthly mortgage payment. A general rule of thumb is to keep your DTI below 36%. For example, if your gross monthly income is $5,000 and your DTI is 30%, your estimated monthly mortgage payment would be around $1,200.

Remember, this is just an estimate, and other factors such as your credit score, down payment, and interest rate can affect your affordability. Speak with a trusted mortgage lender to get a more accurate picture of your options!