09/12/2022
In general, people purchase a home with a monthly mortgage payment in mind. There are many factors that impact your monthly payment including purchase price, down payment amount, and the interest rate of your mortgage.
You should always consider your household budget to find out what monthly payment will be comfortable for you. If you are not sure how to figure what your monthly payment should be, a good rule of thumb is to calculate 28% of your gross monthly income. For example, if you make $6k per month, then $1,680 would be a good estimate for you.( 6,000x.28= 1,680)
Keep in mind that lenders use a debt to income ratio for qualification purposes. If you have other monthly obligations such as credit card payments, car payments, etc. those may impact the amount that you will qualify for.
Running numbers on a mortgage calculator and/or a housing calculator can be useful for getting an idea of what to expect. Check out the link in my bio for these calculators.
Shelby Walls
678-235-4004
[email protected]
