02/06/2023
How much house can I afford? It’s a seemingly simple question with an incredibly complex answer.
You can always follow guidelines like the 28/36 rule, in which a household doesn’t spend more than 28% of gross income on housing. But modern online calculator tools provide a much more personalized and in-depth approach to determining budget.
Using the tool isn’t quite as simple as inputting ballpark figures, though. After all, this is likely the biggest financial investment you’ll make in your life. You should also take steps to understand the why and the how when it comes to calculating your personal housing affordability situation.
https://www.mottomortgage.com/blog/how-much-should-you-spend-house?fbclid=IwAR1vlqhyz8uxFTqosFs16R42-svgpaD9MXTc87ZU6U5E02qvMkzXywKy7T8
Answer the question, “how much should you spend on a house?” by understanding your DTI and using this simple calculation