Keep in mind that these obligations are monthly, so you made need to divide the total obligation amount by 12 if that is a yearly number.
Remember, the lower your debt-to-income ratio, the higher the mortgage amount you can afford. This means income before any taxes or deductions, not your take-home pay. This information will help us understand your financial standing. Our Mortgage Affordability Calculator is designed to help you determine the size of the home loan that's right for you.
Buying a house is a significant decision, and figuring out how much mortgage you can afford is a critical step in this process.