Home Purchase
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How Much Home can I get
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For example, if your annual income is $90,000, your monthly debt payments are $600, and you have a down payment of $30,000, the calculator might estimate a maximum affordable home price of approximately $350,000. This estimate helps you set a realistic budget and ensures you’re shopping within a comfortable price range.
The DTI ratio compares your monthly debt payments to your gross monthly income. Aim for a DTI of 36% or less.
Use the 28/36 rule for guidance on how much to spend on housing costs:
Total Debt: Total monthly debt payments should not exceed 36% of your gross income.
Don’t forget to include:
. Homeowners Insurance
. Private Mortgage Insurance (PMI) if applicable
. Maintenance and Repairs
Home Price ($):$999078
Down Payment ($):$1987067
Loan Term (Years):$5,0000
3100 West Ray Rd Ste 201 Office #209Chandler, AZ-85226
Email: krygol@nexamortgage.com
(843) 396-8638