How much mortgage payment can I afford?

Class is back in session, and today, we’re diving into all things math. But don’t worry, it’s none of that algebraic mumbo jumbo. We’re getting street-level practical with one of real estate’s most asked questions: How much home can I afford?⁣

Lenders recommend spending no more than 28% of your monthly gross income on your mortgage payment, including principal, interest, taxes, and insurance. ⁣

Here’s a quick example:⁣

Say your monthly gross income (pre-tax) is $5,000. To find 28% of $5,000, multiply 5,000 by 0.28 (28%). In this scenario, your total mortgage payment should not exceed $1,400. ⁣

There are all sorts of tools and calculators out there, but this is a good starting point. The last place you want to be in a new home is in over your head. ⁣

Run the numbers and interested to see homes that fit your recommended mortgage payment? Send me a DM—I’d love to connect and show them to you.

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