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You can save yourself a lot of
wheel-spinning if you take a minute to figure out
how much mortgage you can afford.
Generally, a lender will want your
monthly mortgage payment to total no more than 28%
of your monthly gross income (that's your monthly
income before taxes and other paycheck deductions
are taken out.)
At the bottom of this page where
it says “Based on Debt Ratio Of”... make
sure you type in the number: 36.
You also need to consider current loan interest
rates. The lower the interest rate, the more
expensive the home you'll be able to afford.
The Buyer's Cash Requirement
Calculator will Determine:
Calculation will Determine:
How much cash will
be required at closing.
Your total monthly
payment.
How
much Income do you need to qualify.
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