Did you know that many people are unaware of how much home they can actually afford? It’s simpler than you think to figure it out!
🔍 Here’s a quick guide:
1️⃣ Start with your total household income before taxes and deductions.
2️⃣ For example, if your annual income is $175,000, that’s about $14,583 per month.
3️⃣ Multiply that monthly income by 0.45. In this case, it’s approximately $6,562.
This $6,562 represents the potential house payment you might qualify for, including mortgage, taxes, insurance, PMI, and HOA dues.
Remember, if you have significant debt, your affordable amount might be lower, and if you have little to no debt, it might be higher.
At current rates, and assuming a 20% down payment without HOA dues, this could translate to a mortgage amount of $800,000 on a $1 million home.
💬 Reach out to schedule a consultation with me and find out how much home you can afford!
📢 Disclosure: This calculation is an estimate and should be verified with a mortgage professional. Rates and loan terms vary based on individual financial situations and market conditions.
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